Reports latest bands crossing fine line (4,7)

I believe the answer is:

news flashes

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'reports' is the definition.
I know nothing about this answer so I cannot tell whether it can be defined by this definition.

'latest bands crossing fine line' is the wordplay.
'latest' becomes 'new'.
'bands' becomes 'sashes' (sash is a kind of band).
'crossing' is an insertion indicator.
'fine' becomes 'f' (abbreviation).
'line' becomes 'l' (used when specifying particular lines from a poem).
'f'+'l'='fl'
'sashes' placed around 'fl' is 'sflashes'.
'new'+'sflashes'='NEWS-FLASHES'

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I've seen this clue in The Independent.

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