or to “keep me in the loop", but I guess that's another variation that's hard to interpret.
It just means that if something new happens, please keep me informed. For example, if you are involved in a project, then you may want to always know what's going on.
It's not really the same as "let me know the latest/most recent news", because it has a cyclic meaning and the news is not assumed to just occur once. For example, "If you have any new news, please let me know" can be used to substitute.