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The Traitors returns with a new ‘secret traitor’ as part of a major shake-up.

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Steven McIntosh, Entertainment Reporter

‘This is twisted.’ Claudia reveals shocking new Traitors surprise

  • Spoiler warning: This article contains details of the first episode of the new series of The Traitors.

The Traitors has returned to TV screens with a major new twist – a secret fourth traitor whose identity has not even been revealed to viewers.

The secret traitor, who wears a red cloak instead of the usual green, has been given certain powers, such as deciding which players the other traitors are allowed to murder.

The ingenious new twist changes the dynamic of the civilian series and marks the most significant format change since the show’s launch in 2022.

It was revealed as the fourth regular series of the BBC show launched on Thursday, hot on the heels of the successful celebrity version, which attracted well over 15 million viewers.

The new crop of 22 players includes a former police detective and a crime novelist, as well as a mother and daughter keeping their connection a secret.

Two other players also recognised each other at the castle because they are mutual friends. Their link was not known to producers beforehand (but more on that in a moment).

What does the secret traitor do?

This year's contestants sitting at the round table on The Traitors
Winkleman selected the secret traitor at the round table, but viewers did not see who it was
  • Nobody, including the audience, knows the identity of the secret traitor – it is even kept from the other traitors
  • Host Claudia Winkleman selected the secret traitor by tapping them on the shoulder at the round table in the usual way, but viewers could not see who it was
  • The secret traitor has the power to control some aspects of the game, such as compiling a shortlist of three players the other traitors are allowed to murder
  • The secret traitor is the only contestant this year who knows every other player’s true status
  • Their identity will remain a secret until the other traitors “earn their power back”, Claudia explained, but it’s not yet clear how long that will take or how it will happen

This is the first time a fourth traitor has been assigned in the opening episode, and it’s fair to say the other traitors were not happy about somebody else holding some of the power.

“I do not require middle management,” said traitor Hugo, speaking for the nation as he delivered the best line of the episode.

“The whole point of being a traitor is having perfect information.”

Hugo on The Traitors, sitting in an armchair speaking to Claudia
Traitor Hugo said he was “so annoyed” about the twist, adding: “I do not require middle management.”

The twist will allow viewers, who often complain that the faithful are useless at rooting out traitors, to play along and see whether they can do any better.

“I’m so glad they’ve done this, because it was so infuriating when people were like, ‘How did you not know?'” former Celebrity Traitors contestant Lucy Beaumont said on Uncloaked.

During the launch of the series last month, Winkleman informed journalists that the other traitors were infuriated upon discovering their anonymous companion.

“But it’s really fantastic for the secret traitor,” she added, “having the time of their lives.”

The presenter reflected, “People who watch The Traitors endlessly ask, ‘How do the faithful not know?'” So I like the idea of, ‘OK, have a go.'”

But, some viewers might wonder, couldn’t it be quite a lonely experience for the secret traitor, without the camaraderie of working with the other three? “Oh, don’t worry,” Winkleman replied, “they have some fun.”

 Stephen, Harriet, Fiona and Roxy on a train platform
All 22 contestants survived the train journey this year, with no pre-castle twist

The format change came about partly because of something viewers suggested on social media during earlier seasons.

“In series one, people said, ‘Wouldn’t it be interesting if the viewers didn’t know who the traitors are?'” recalled Mike Cotton, creative director of production company Studio Lambert.

“And we don’t agree with that, actually. I think we think that knowing who the traitors are and knowing their duplicity is what makes it feel great.

“But we thought it would be interesting if you didn’t know who one of them was. I think it could change the conversation slightly for this season.”

Cotton added, “What’s really interesting is the traitors are used to having all of the power, and for once they don’t.

“There’s a shortlist they can murder from, but they don’t have free rein over who to kill, so what’s going to be really interesting to see is how they navigate that.”

Claudia Winkleman wearing the red cloak on The Traitors
Winkleman told journalists the secret traitor “has some fun” as the series progresses

After three seasons, producers clearly felt it was time to experiment with tweaks to the format – something networks often do to keep an established hit fresh.

Although an intriguing idea, viewers will have to wait and see what impact the secret traitor has on the rest of the series.

Previous format changes have not always worked out, such as the highly unpopular “Seer” twist last year, which effectively made it impossible for one particular player to win and removed the tension from the finale.

However, this twist signals a promising start for the series, encouraging people to share their theories over water coolers in offices across the nation.

Here are five other things we spotted in the opening episode:

1) Ross and Netty already know each other

Ross and Netty standing outside the Traitors castle
Ross and Netty followed each other on social media, but producers did not know the nature of their connection

Perhaps the law of averages means this was bound to happen at some point, but, this season, two players already knew each other from having a mutual friend.

Although previous series have seen couples or family members deliberately cast together, Cotton said in this case it “was not intentional at all; we cast them as individuals.”

“We do long background checks on participants, and we found that they [Netty and Ross] follow each other on social media,” he said.

“So we knew there was a tenuous link, but we didn’t know whether they would recognise each other or how they would react.”

Many more contestants are expressing a desire to be traitors.

Claudia Winkleman speaking to player Rachel by the fire in the castle on The Traitors
Winkleman selected this year’s traitors, including Rachel, through her usual series of fireside chats.

We aren’t keeping count, but we’re pretty sure more players than ever requested to be traitors this year during their fireside chats with Winkleman.

“A lot of them just say, ‘I think it would be more fun,'” Winkleman explained.

“And at some point, I’d really like to lean forward and say, ‘That’s actually not how you win, statistically.'”

She added, “You had to pick someone who wanted it. In the celebrity version, lots of them asked to be faithful. In this case I think it was one.”

Eventually, Winkleman plumped for Rachel, Hugo and Stephen – plus, of course, the fourth traitor, whose identity remains a secret.

“You never know whether you’ve picked right,” Winkleman concluded, “but I’d like to think there isn’t a wrong.”

3) The scale of the missions is getting bigger

Contestants on the traitors carrying a coffin along a platform

The first mission saw the players set out on boats to retrieve floating coffins, dozens of which were spread out over a nearby loch.

The three teams collected the coffins in canoes and towed them ashore, each worth £1,000 for the prize fund.

However, to complete the task, the contestants had to place the coffins in the named graves of players, automatically shortlisting them for murder.

Being British, all three teams opted to choose players from a different team to avoid any awkward conversations, and a total of 10 players were eventually selected for the murder shortlist.

4) Roxy is Judy’s daughter

Roxy and Judy standing in front of Ardross Castle on The Traitors
Judy (right) adopted Roxy when she was four – but the other players don’t yet know about their link

Two of this year’s players – Roxy and Judy – are also mother and daughter, with Judy explaining she adopted Roxy when she was four.

While this time the link was a deliberate piece of casting, the other players don’t know about their connection yet.

“One of the great things about the regular series is the contestants can come in with secrets, whether that’s about their lives or secret relationships,” Cotton said.

Asked how producers decide when to reveal any relationship to other players and viewers, he said, “We never know when we’re going to deploy it. When we’re going into filming, we go in and wait to see how it plays out.”

5) Claudia’s car soundtrack is impeccable

Claudia Winkleman driving a car on The Traitors

The episode opened with the presenter singing along to Fleetwood Mac’s Little Lies before skipping to The Fugees’ cover of Killing Me Softly.

Both songs are obviously bangers, and they were deliberately selected to align perfectly with the themes of the show.

For the fifth season, we are keeping our fingers crossed for Trick Me by Kelis, Walkin’ After Midnight by Madeleine Peyroux, No Body, No Crime by Taylor Swift and Kill Bill by SZA (note: would require a contestant called Bill).

And if any pop stars are reading, if one of you could write a song with the word “roundtable” in the title before 2027, we’d appreciate it.

The Traitors continues on Friday, 2 January, at 20:00 GMT on BBC One and iPlayer.

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A Swiss ski resort pub fire claimed about 40 lives and injured 115 more, making it ‘like a horror movie’ | World News

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A Swiss ski resort pub fire claimed about 40 lives and injured 115 more, making it ‘like a horror movie’ | World News

About 40 people were killed and 115 injured in a blaze at a New Year’s Eve party at an upmarket Swiss ski resort, with the disaster likened to scenes from a horror film.

Most of the victims of the fire in Crans-Montana are thought to be young people, but identification of the bodies is expected to take several days at least.

The fire broke out at roughly 1.30am local time in the Constellation Bar as people celebrated the turn of the year.

What we know about deadly Swiss fire
Witnesses reported seeing people walking on top of others while trying to escape the blaze.

Emergency services were on the scene minutes later, but it was already too late to save dozens of people, thought to have been trapped in the basement.

Authorities warned that naming the victims or establishing a definitive death toll would take time due to the severity of the burns. Experts have been using dental and DNA records to try to identify the dead.

Switzerland‘s president, Guy Parmelin, described the deadly incident as “one of the worst tragedies our country has ever known,” and King Charles called it a “horrific disaster.”

The cause of the blaze remains unclear, but witnesses reported seeing sparklers or candles in bottles in the basement bar.

But Beatrice Pilloud, Valais Canton attorney general, said it was too early to determine the cause of the fire. Experts have not yet been able to go inside the charred wreckage of the bar.

Map
Image:
Map

‘Horror movie’ scenes of people with hair and clothes burned off

Witnesses described scenes of panic and confusion as youngsters scrambled to escape the blaze.

Samuel Rapp, who had been at a restaurant nearby, said he saw “many people at the entry trying to escape. The area was crowded, and people were walking over each other while trying to escape.

He saw many people “screaming and trying to escape,” as well as others “on the floor.”

Mr. Rapp told Sky News he saw “a lot of people” whose hair had been burned and others “without clothes.”

“We had three chances to get in,” said a teenager who experienced the Swiss fire horror.

Inside the bar shows a fire breaking out.

Video from inside the bar shows a fire breaking out and rapidly engulfing the ceiling, spreading panic through the partygoers, who rushed towards the stairs to escape.

Later footage from outside showed lines of ambulances queuing and helicopters arriving to airlift victims to nearby hospitals.

Leon Christe, who works in the resort, told Sky News he was one of the first to the scene and tried to help by administering first aid.

He said, “It was very chaotic and heartbreaking. Everywhere, there were young people who needed help; some had their clothes burnt off.

“It was very traumatic.”

Another witness speaking to BFMTV described people smashing windows to escape the blaze, some severely injured, and panicked parents rushing to the scene to find out what had happened to their children.

The young man said he saw about 20 people scrambling to get out of the smoke and flames and likened what he saw from across the street to scenes from a horror movie.

Mourners gathered to lay flowers. Pic: AP
Image:
Mourners gathered to lay flowers. Pic: AP

Vigil for victims, with many details unknown

On New Year’s Day people gathered to lay flowers and light candles at a memorial near the site.

Little information has yet emerged about the victims, and hospitals and emergency services are reeling from the accident.

Some are being treated in the local hospital, while others were taken further afield, including to the University Hospital of Lausanne, which treats severe burns, and to France.

France reported that the accident had injured at least three nationals and left eight missing.

Italian officials said 13 citizens had been injured, and another six are still unaccounted for, although details are still unfolding.



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China plans to boost birth rates by implementing a condom tax and providing cheaper childcare services.

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Getty Images A baby lying down on a patterned grey cloth while dressed in a red traditional Chinese outfit with gold linings. Some red flowers surround him. Getty Images

People in China will pay a 13% sales tax on contraceptives from 1 January, while childcare services will be exempt, as the world’s second-largest economy tries to boost birth rates.

An overhaul of the tax system announced late last year removes many exemptions that were in place since 1994, when China was still enforcing its decades-long one-child rule.

It also exempts marriage-related services and elderly care from value added tax (VAT) – part of a broader effort that includes extending parental leave and issuing cash handouts.

Faced with an ageing population and sluggish economy, Beijing has been trying hard to encourage more young Chinese people to marry and couples to have children.

China’s population has shrunk three years in a row.

Official figures indicate that China’s population has shrunk three years in a row, with just 9.54 million babies born in 2024. That is around half of the number of births recorded a decade ago, when China started to ease its rules on how many children people could have.

Still, the tax on contraceptives, including condoms, birth control pills and devices, has sparked concerns about unwanted pregnancies and HIV rates, as well as ridicule. Some say that expensive condoms won’t convince them to have kids.

As one retailer urged shoppers to stock up ahead of the price hike, a social media user joked, “I’ll buy a lifetime’s worth of condoms now.”

Another user noted that people can distinguish the cost of a condom from the cost of raising a child.

China is one of the most expensive countries in which to raise a child, according to a 2024 report by the YuWa Population Research Institute in Beijing. Costs are pushed up by school fees in a highly competitive academic environment and the challenge women have juggling work and parenting, the study said.

The economic slowdown, partly caused by a property crisis that has affected savings, has made families, especially young people, feel uncertain or less confident about their future.

“I have one child, and I don’t want any more,” says 36-year-old Daniel Luo, who lives in the eastern province of Henan.

“It’s like when subway fares increase. When they go up by a yuan or two, people who take the subway don’t change their habits. You still have to take the subway, right?”

He says he is not concerned by the price hike. A box of condoms might cost an extra five yuan, possibly 10 yuan, and at most 20 yuan. Over a year, that’s just a few hundred yuan, completely affordable.”

Getty Images A couple takes photos outside the Civil Affairs Bureau on May 20, 2025 in Guangzhou, Guangdong province of China. Getty Images
Young couples in China, like elsewhere, are having fewer or no children

But cost might be a problem for others, and that’s what worries Rosy Zhao, who lives in the city of Xi’an in central China.

She says making contraception, which is a necessity, more expensive could mean that students or those struggling financially “take a risk.”

That would be the policy’s “most dangerous potential outcome,”, she added.

Observers appear divided on the aim of the tax overhaul. The idea that a tax hike on condoms will impact birth rates is “overthinking it,”, says demographer Yi Fuxian from the University of Wisconsin-Madison.

He believes Beijing is keen to collect taxes “wherever it can” as it battles a housing market slump and growing national debt.

China’s VAT revenue stands at nearly $1tn (£742bn).

At nearly $1tn (£742bn), China’s VAT revenue made up close to 40% of the country’s tax collection last year.

The move to tax condoms is “symbolic” and reflects Beijing’s attempts to encourage people to lift China’s “strikingly low” fertility numbers, said Henrietta Levin from the Center for Strategic and International Studies.

What is also hampering efforts, she adds, is that a lot of the policies and subsidies will have to be implemented by indebted provincial governments – and it’s unclear if they can spare sufficient resources.

China’s approach to urging people to have children also risks backfiring if people feel the government is being “too intrusive” about what is a deeply personal choice, she said.

Recently there have been media reports that women in some provinces have received calls from local officials asking about their menstrual cycles and plans to have children. The local health bureau in Yunnan province stated that they require this data to identify expectant mothers.

But the situation has not helped the government’s image, Ms Levin said. “The [Communist] party can’t help but insert itself into every decision that it cares about. Consequently, it often becomes its own greatest adversary.

Getty Images Children sitting around a classroom table participate in a game at a summer day care class in Nanchang, ChinaGetty Images
China is one of the priciest countries to raise a child, a study in 2024 found

Observers and women themselves say the country’s male-dominated leadership fails to understand the social changes underpinning these broader shifts, which are not exclusive to China.

Western nations and regional ones like South Korea and Japan have struggled to raise birth rates as their populations age.

Part of the reason is the burden of childcare, which disproportionately falls on women, research shows. But there are also other shifts, such as a decline in marriage and even dating.

China’s measures miss the real problem:

The way young people interact today increasingly avoids genuine human connections, Mr. Luo from Henan said.

He points to the rising sales of sex toys in China, which he believes is a sign that “people are just satisfying themselves” because “interacting with another person has become more of a burden.”

Being online is easier and more comforting, he says, as “the pressure is real.”.

“Young people today deal with way more stress from society than people did 20 years ago. Sure, materially they’re better off, but the expectations placed on them are much higher. Everyone’s just exhausted.”



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Unsolving the mystery of the women interred in the mediaeval cemetery may be made easier by intriguing discoveries.

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Unsolving the mystery of the women interred in the mediaeval cemetery may be made easier by intriguing discoveries.

Kevin Church/BBC News Five small round beads arranged horizontally on a white surface.  Each bead has a hole in the centre.  They are multicoloured, from left to right, they are dark red,  orange, light blue, yellow and green. Kevin Church/BBC News
These tiny beads could have been stitched onto clothing or attached to jewellery

Intriguing new discoveries in a mediaeval cemetery in Wales have brought archaeologists closer to solving the mystery surrounding the women buried there.

They’ve found what appears to be a small building and have unearthed domestic and decorative artefacts, including exquisite coloured glass beads.

So far 58 skeletons, dating to the 6th or 7th century, have been uncovered at the site. What’s unusual is that nearly all belonged to women.

The new finds add to growing evidence that the burial ground was part of an early female religious community.

Kevin Church/BBC News A human skeleton is lying in an oval-shaped grave cut into limestone bedrock. The bones are positioned naturally, with the skull at one end and legs extended. The ground surrounding the grave is light brown and cracked.Kevin Church/BBC News
The 1,500-year-old skeletons are intact and well preserved

For the last four years, archaeologists have been excavating the site in the grounds of Fonmon Castle, close to the end of the runway at Cardiff Airport.

The skeletons are buried in shallow graves cut into the limestone bedrock. While their bones and teeth show they lived hard lives, objects found amongst the graves suggest wealth and luxury.

The team have been scratching their heads trying to work out who these women were.

Now the latest dig has provided a major clue: the outline of what could possibly be a small building.

“It’s producing fragments of building stone, so it might be structural. We might be thinking of a small shrine or a chapel,” says Dr Andy Seaman, from Cardiff University, who is leading the dig.

“I do think that we have a site which may be an early religious community.”

Kevin Church/BBC News Aerial view of the archaeological dig site. The location of a possible building has been graphically highlighted in pink. Six or seven graves are clustered around it.  There are another six or seven graves visible that are located further from the highlighted feature.  Archaeologists are working at different parts of the site wearing yellow high visibility jackets. The wider area of the cemetery that is being excavated has exposed brown soil. It is surrounded by a green field. Kevin Church/BBC News
Graves are clustered around the possible building, which is highlighted in pink

The potential building is located in the centre of the cemetery and graves are clustered around it. It seems that people wanted to be buried as close to this feature as possible.

So close, in fact, says Cardiff University archaeologist Tudur Davies, that some of these graves have several people in them.

“It’s a highly desired location for people to be buried in,” he says.

“Repeatedly, archaeologists have buried two, three, or four individuals in the same spot.” Putting bodies in the same place and moving those still there to one side appears to be more accepted.

Artefacts found at the site are revealing more about the people buried here.

Kevin Church/BBC News Three artefacts are displayed against a black background. On the left, is a green almost circular metal brooch with a long pin. It has tiny dots etched into the pin, while one of the terminals of the brooch has four large dots. It is partially covered in soil.
In the centre of the picture is a decorated pin made of bone. It is broken into four pieces. The top of the pin is intricately carved with a pattern. On the right is a fragment of a comb with broken teeth that has been carved from antler. 
Kevin Church/BBC News
Items include a copper brooch, a decorated bone pin and a comb carved from antlers.

The objects have been taken to Cardiff University’s lab. Conservator Clare Emerson is painstakingly removing the dirt on the dig from an ornate copper brooch.

“We’d have to do some more analysis, but it’s probably bronze,” she says. “Also we think it was possibly gilded, which would be a coating of gold over the top.”

The ends, she explains, were covered in green enamel.

“This would have been a very decorative brooch. I think it’s a very special find for the site.”

Alongside this piece of mediaeval bling, the team have also unearthed a pin made from bone with a detailed pattern and a comb intricately carved from antler.

And there are some exquisite, multicoloured glass beads. Measuring about 3mm across, each one is a miniature delight. They were possibly stitched onto clothing or attached to jewellery.

Kevin Church/BBC News Several fragments of glass arranged in a straight line on a dark surface. They vary in size and shape, and some having a yellow tint and others a green and blue hue. One shard is finely etched with a pattern.Kevin Church/BBC News
Fragments of glassware were found among the graves

But the domestic items found at the site tell us a lot too.

“We have a quern stone for grinding flour for bread. We’ve got pottery and glass for eating and drinking,” says Dr Andy Seaman.

“It’s clearly not just a place for the dead. There’s a living community here as well.”

He thinks that the community was enclosed, living right next door to the cemetery, separated from the rest of society.

Kevin Church/BBC News Close-up of an archaeologist’s hands carefully cleaning a small bone fragment. They are holding the bone in one hand and using a thin wooden tool to scrape away the soil that it is covered with. The archaeologist is wearing a yellow high-visibility vest and a cap.Kevin Church/BBC News
Little is known about early religious communities from this area

The pieces of this mediaeval puzzle are starting to come together. But there are still some questions.

The remains of a few men have been found – who were they? And some children, too – were they related to any of the women?

And while most of the people at the cemetery were buried with excellent care, two women were tossed in a ditch – one with her hands and feet tied. What had they done to deserve that?

Kevin Church/BBC News Five archaeologists lying face down on the ground clustered around a grave. They are wearing bright yellow high-visibility vests and reaching down into the grave with their hands and tools. Kevin Church/BBC News
The excavations will continue at the site in 2026

The team is now trying to work out whether this could be an example of very early Christianity.

“It’s a period where the history is not yet written,” says Dr Seaman.

“We don’t really understand early church sites… how they functioned, what they looked like, or how they were organised.

“We have a good understanding of later periods, but this very formative period of history is not well understood.” So it’s a really exciting opportunity.”

The archaeologists will continue their excavations later this year.

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A Colchester boy who received a £1.8 million drug now has a new lease on life.

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A Colchester boy who received a £1.8 million drug now has a new lease on life.

Contributed Edward stands in a blue, black and grey wetsuit next to a swimming pool with two people in it. He has dark blonde wavy hair.Contributed
Edward was one of the first children in England to receive the gene therapy Zolgensma through the NHS.

A five-year-old boy who received the world’s most expensive drug as a baby has made “incredible progress” and can walk independently, his mother said.

Edward, from Colchester, has spinal muscular atrophy (SMA), which means he lacks a protein vital for muscle development.

He was one of the first children in England to be given the gene therapy Zolgensma, which costs £1.79m for the one-off treatment, through the NHS in 2021.

Mother Megan said Edward was her “pride and joy” and he had achieved milestones she never thought possible.

Contributed Megan has long blonde wavy hair and is taking a selfie of herself and Edward, who is sitting on her lap. They are on a boat in the sunshine, with white hotels in the background along the coastline.Contributed
Edward is full of life and a real character, according to his mum

About 65 babies are born with SMA in England each year. It causes muscle weakness and affects movement and breathing, meaning most babies do not live past the age of two without intervention.

playful boy who was “full of life”

Megan said Edward had gone from being a lethargic baby to a cheeky, playful boy who was “full of life” and “a real character.”

He might need to use a wheelchair for the rest of his life, but she added, “It does not matter, as long as he is happy. We are so proud of him.”

Contributed Edward in a physiotherapy room, stood upright. He is wearing a body brace, a white vest, dark jogging bottoms and blue boots. An adult is sitting behind him.Contributed
Edward can now walk 20 to 30 steps independently

“Edward had to have a double hip replacement in October and he’s only just getting back on his feet, but in general he is doing so well.

“He is learning to swim; he can float on his own, which is challenging for children with SMA because they don’t have natural buoyancy.

“This summer, he jumped off a boat into the sea and he went on a jet ski. He’s a very sweet, loveable little guy.”

Edward has just started school, where he has made lots of friends, and he “does everything an ordinary five-year-old boy does.”

“We just didn’t think that was possible. We didn’t know what quality of life he would have,” she said.

Various doctors and medical professionals visited him whenever he was in hospital, even when they were not treating him, because they were amazed by his progress, she added.

“They want to see first-hand what gene therapy has done for him.”

Megan holds baby Edward on her lap, in a hospital room.
Edward received the gene therapy four years ago and it has transformed his life.

The family moved to London so Edward can have physiotherapy up to five times a week.

Ms Willis gave up her job in event management to care full-time for Edward.

It was not certain he would receive the drug on the NHS, so she started a fundraising campaign and has used the money to pay for specialist physio and equipment, to which she credits his progress.

“We raised £170,000 over five years, but nearly all of that money has been spent.” She stated that the money has served a significant purpose.

“It has saved our family from worrying about money.” We’re fundraising again now because all of the progress he has made has been due to private care.”

Contributed Edward is wearing a black T-shirt and green jogging bottoms and is sitting on the floor of a physiotherapy clinic and holding up a toy figure. Contributed
Edward has made huge progress due to the private physiotherapy the family has been able to fund via a fundraising page

Zolgensma is thought to be the most expensive drug in the world, though NHS England said it had negotiated an undisclosed discount on its £1.79m list price.

Edward, who was diagnosed at two months old, was receiving another drug called Spinraza, which involves regular spinal injections for life, compared to a one-off injection of Zolgensma.

Because it is such a new drug, long-term outcomes are not known, but Megan said she believed this generation of babies with SMA would be the first to reach adulthood.

Contributed Edward is wearing a green school uniform and standing against a wooden fence.Contributed
Edward started school this year and had made lots of friends, his mum said

Prof. James Palmer, medical director for specialised commissioning at NHS England, said, “It is a huge pleasure to see the remarkable benefits that this innovative gene therapy has provided for Edward since he was treated four years ago.”

“Edward is one of more than 150 children with SMA to benefit from this one-shot treatment, which has had a giant impact on their lives, and I’m optimistic that many more conditions like SMA will also become treatable over the coming years as medical advances continue at pace.”

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Protests over Iran’s struggling economy have reportedly claimed the lives of at least six people.

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Wide demonstrations erupted as Iran’s deteriorating economy sparked unrest in the Islamic republic’s rural provinces on Thursday, resulting in at least six deaths in the first clashes between security forces and protesters, officials said.

The deaths could mark the beginning of a tough response by Iran’s theocracy to the demonstrations, which have slowed in the capital Tehran but have spread elsewhere.

One death on Wednesday and five on Thursday occurred in three cities primarily home to Iran’s Lur ethnic group.

Protests in Iran became largest since the death of 22-year-old Mahsa Amini in 2022. Nationwide demonstrations began over police custody.

However, demonstrations remain localised and less intense than those surrounding the death of Amini, who was detained for not wearing a hijab or headscarf as authorities preferred.

In the latest protests based on economic issues, demonstrators have also been heard chanting slogans against Iran’s theocracy.

The country’s leaders are still reeling after Israel launched a 12-day war against the country in June. The US also bombed Iranian nuclear sites during the war.

“The people of Iran want freedom. They have suffered for too long at the hands of the Ayatollahs,” US Ambassador to the United Nations Mike Waltz said in a statement. post on X earlier this week.

He said, “We stand with Iranians in the streets of Tehran and across the country as they protest a fundamentalist regime that has given them nothing but economic recession and war.”

Iran businessmen protest

Protesters march in downtown Tehran, Iran, on December 29, 2025.

 

Fars News Agency via AP

 

The most intense violence occurred in Azna, a city in Iran’s Lorestan province, about 185 miles southwest of Tehran.

There, online videos reportedly showed objects on the street burning and gunshots echoing as people shouted, “Shameless! Shameless!”

The semi-official Fars news agency reported the deaths of three people.

Other media, including pro-reform outlets, cited Fars for reports, while state-run media did not fully acknowledge the violence there or elsewhere.

Uncertainty surrounded the lack of additional reporting on the unrest, but in 2022, journalists faced arrest for their reporting.

Online video captured protesters gathering on a street in Lordegan, a city in Iran’s Chaharmahal and Bakhtiari province, while gunshots echoed in the background.

The footage matches known features from Lordeghan, about 290 miles south of Tehran.

Fars, citing an unnamed official, reported the deaths of two people during Thursday’s protests.

Boroumand Centre for Human Rights in Iran,

The Abdurrahman Boroumand Centre for Human Rights in Iran, based in Washington, confirmed the death of two protesters there. The report also featured a still image of an Iranian police officer, clad in body armour and wielding a gun.

In 2019, the area around Loredan saw widespread protests, which reportedly damaged government buildings.

This followed a report indicating that people in the area had contracted HIV from contaminated needles used at a local healthcare clinic.

A 21-year-old volunteer from the Basij force of the paramilitary Revolutionary Guard reportedly died during a separate demonstration on Wednesday night.

The state-run IRNA news agency reported the guard member’s death but did not provide details.

Student News Network, an Iranian news agency considered close to the Basij, directly blamed protesters for the death of the Guard member, citing comments by Saeed Pourali, the deputy governor of Lorestan province.

“The Guard member was martyred at the hands of rioters during protests in this city to protect public order,” he reportedly said. He reported that 13 other Basij members and police officers sustained injuries.

“The protests that have taken place are due to economic pressures, inflation, and currency fluctuations, and they are an expression of livelihood concerns,” Pourali said. “

The voices of citizens must be heard carefully and tactfully, but people must not be pressured into their demands by profit-seeking individuals.”

The protest took place in the city of Kouhdasht, 250 miles southwest of Tehran. Local prosecutor Kazem Nazari said 20 people had been arrested following the protests and peace had returned to the city, the judiciary’s Mizan news agency reported.

Iran’s civilian government, led by reformist President Massoud Pezeshkian, has been trying to signal that it is willing to negotiate with protesters.

However, Pezeshkian admitted he could not do much, as Iran’s rial currency has depreciated sharply, with $1 now worth about 1.4 million rials.

Meanwhile, state television separately reported the arrest of seven people, including five it said were monarchists and two others it said were linked to European-based groups.

State TV also said that in another operation, security forces seized 100 smuggled pistols, without elaborating.

Iran’s theocracy declared a public holiday across much of the country on Wednesday to draw people out of the capital for the long weekend, citing cold weather.

Iranian weekends are Thursday and Friday, while Saturday is Imam Ali’s birthday, another holiday for many.



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New Crypto Tax Rules: Why Crypto Users Are Forced to Share Account Details with Tax Officials

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New Crypto Tax Rules: Why Crypto Users Are Forced to Share Account Details with Tax Officials

Getty Images A woman in a white shirt looks at a line graph on her phone, with a big black stock market trading screen in the background.Getty Images

The era of complete anonymity in cryptocurrency transactions is rapidly closing. Governments around the world are implementing stringent new regulations, forcing crypto users to share account details with tax officials. The global shift aims to close the “tax gap” by reporting and taxing digital asset transactions like any other investment.

Why This is Happening Now

For years, cryptocurrency markets operated with a level of privacy that traditional finance does not allow. This led to concerns about tax evasion, money laundering, and a lack of investor protection. In response, major economies have introduced new reporting frameworks, fundamentally changing the relationship between crypto holders and tax authorities.

The most significant development is the implementation of the Crypto-Asset Reporting Framework (CARF) by the Organisation for Economic Co-operation and Development (OECD). This global standard, along with existing rules like the Common Reporting Standard (CRS), mandates that crypto exchanges and other Virtual Asset Service Providers (VASPs) automatically collect and report client information to tax authorities.

Why This is Happening Now

For years, cryptocurrency markets operated with a level of privacy that traditional finance does not allow. This led to concerns about tax evasion, money laundering, and a lack of investor protection. In response, major economies have introduced new reporting frameworks, fundamentally changing the relationship between crypto holders and tax authorities.

The most significant development is the implementation of the Cryptoasset Reporting Framework (CARF) by the Organisation for Economic Co-operation and Development (OECD). This global standard, along with existing rules like the Common Reporting Standard (CRS), mandates that crypto exchanges and other Virtual Asset Service Providers (VASPs) automatically collect and report client information to tax authorities.

What Information Must Be Shared?

Under these new rules, the onus is primarily on the crypto service providers, but the data is about their users. The details that crypto users are forced to share account details with tax officials through their exchanges include:

  • Personal Identification: Name, address, date of birth, and taxpayer identification number.

  • Account Information: Wallet addresses and account numbers associated with the exchange.

  • Financial Activity: Gross proceeds from crypto sales or exchanges, and in many cases, the fair market value of holdings at year-end.

This information is then automatically exchanged between jurisdictions, meaning your local tax agency could receive data from an exchange based overseas.

The Implications for Crypto Investors

  1. Increased Tax Compliance: Tax authorities now have the data to cross-check the information you report on your tax returns. Underreporting income from crypto trading, staking, or mining is becoming much riskier.

  2. Global Reach: These are international standards. Even if you use a foreign-based exchange, your data is likely to be shared with your home country’s revenue service.

  3. No More “Flying Under the Radar”: The common misconception that crypto profits are invisible to tax authorities is now obsolete.

Steps Every Crypto User Should Take

  1. Understand Your Tax Obligations: Cryptocurrency is typically treated as property (like stocks) for tax purposes. Selling, trading, or spending it can trigger a taxable capital gain or loss.

  2. Keep Impeccable Records: Maintain detailed records of all your transactions, including dates, amounts, values in your local currency at the time of the transaction, and the purpose (buy, sell, trade, etc.).

  3. Report Accurately: Use your records to accurately report all taxable events on your annual tax return. Consider using crypto tax software to aggregate data from different wallets and exchanges.

  4. Seek Professional Advice: If you have a complex trading history or are unsure of the rules, consult a tax professional who specialises in cryptocurrency.

The Bottom Line

The regulatory landscape has fundamentally changed.  Crypto users are forced to share account details with tax officials, not as a one-off measure, but as a permanent feature of the global financial system. While this may feel intrusive to proponents of crypto’s decentralised ethos, it represents a major step towards the formal integration of digital assets into a regulated economy.

Proactivity is key. By understanding the rules, maintaining clean records, and reporting accurately, you can navigate this new era of crypto transparency and avoid significant penalties.

Disclaimer: This article is for informational purposes only and does not constitute financial or tax advice. Please consult a qualified professional for guidance specific to your situation. specific to your situation.

What Information Must Be Shared?

Under these new rules, the onus is primarily on the crypto service providers, but the data is about their users. Crypto users are required to share their account details with tax officials through their exchanges, which include the following information:

  • Personal Identification: Name, address, date of birth, and taxpayer identification number.

  • Account Information: Wallet addresses and account numbers associated with the exchange.

  • Financial Activity: Gross proceeds from crypto sales or exchanges, and often, the fair market value of holdings at year-end.

This information is then automatically exchanged between jurisdictions, meaning your local tax agency could receive data from an exchange based overseas.

The Implications for Crypto Investors

  1. Increased Tax Compliance: Tax authorities now have the data to cross-check the information you report on your tax returns. Underreporting income from crypto trading, staking, or mining is becoming much riskier.

  2. Global Reach: These are international standards. Your home country’s revenue service is likely to share your data, even if you use a foreign-based exchange.

  3. No More “Flying Under the Radar”: The common misconception that crypto profits are invisible to tax authorities is now obsolete.

Steps Every Crypto User Should Take

  1. Understand Your Tax Obligations: Cryptocurrency is typically treated as property (like stocks) for tax purposes. Selling, trading, or spending it can trigger a taxable capital gain or loss.

  2. Keep Impeccable Records: Maintain detailed records of all your transactions, including dates, amounts, values in your local currency at the time of the transaction, and the purpose (buy, sell, trade, etc.).

  3. Report Accurately: Use your records to precisely report all taxable events on your annual tax return. Consider using crypto tax software to aggregate data from different wallets and exchanges.

  4. Seek Professional Advice: If you have a complex trading history or are unsure of the rules, consult a tax professional who specialises in cryptocurrency.

The Bottom Line

The regulatory landscape has fundamentally changed.  Crypto users are forced to share account details with tax officials, not as a one-off measure, but as a permanent feature of the global financial system. While this may feel intrusive to proponents of crypto’s decentralised ethos, it represents a major step towards the formal integration of digital assets into a regulated economy.

Proactivity is key. By understanding the rules, maintaining clean records, and reporting accurately, you can navigate this new era of crypto transparency and avoid significant penalties.

Disclaimer: This article is for informational purposes only and does not constitute financial or tax advice. Please consult a qualified professional for guidance specific to your situation.

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For residents of retirement homes, meet-ups are “a lifeline.”

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For residents of retirement homes, meet-ups are “a lifeline.”
BBC Stacey smiling at the camera. She is wearing gold hoop earrings and a pink and red patterned cardigan. She has short brown hair and a fringe.BBC

Regular meet-ups with children at a Portadown primary school have provided “a lifeline” for some elderly residents of nearby retirement housing.

A scheme that started four years ago brings Primary Two pupils at Bocombra Primary School together with elderly residents living in apartments at Quarry Gardens.

The five- and six-year-olds meet with their “friends” who live next door twice a term, where they bake, do crafts, work outdoors in the garden and give Christmas gifts.

It ends with a parent assembly where they discuss their friendships and share photos of their time together.

‘Some of the ladies would wave to the children.’

Iris and four children putting butter and jam on slices of bread. They are all working around the same table and wearing Christmas jumpers.
Iris Thompson was at the food station during the meet-up.

The class teacher, Stacey Nesbitt, was responsible for beginning the scheme.

“The fence in some of the apartments backs onto the school and years ago some of the ladies put small decorations and windmills along their gardens for the children to look at,” she said.

“You would have often seen the ladies waving to the children when they were playing in the playground.

“If a ball was thrown, they would throw it back, and so we thought it would be lovely to ask the ladies over and have a relationship with them.”

That was four years ago; now it is a regular thing.

“It is excellent for the ladies. It’s excellent company and gives them something to focus on.”

Stacey said her children love it and some stay in touch with their “friends” as they move through the school.

Gwen Rose smiling with five children. They are all wearing Christmas jumpers.
Gwen Rose with her group of five- and six-year-olds

Gwen Rose has been living in the apartments for more than two decades and is in charge of activities for other residents.

She said they were able to give some money to the school through selling crafts they make.

Gwen described the relationships with these pupils as “fun” and “something different”.

“The Housing Association encourages tenants to get out and work in the community,” Ms Rose said.

“Sometimes in sheltered housing it’s hard, you know.”

Her childhood differed from the younger generation in that “they’re more confident and great at conversation at such a young age.”

“They’re not afraid.

“When we were at school you sat quietly,” she added.

School pupil meet-ups are “a lifeline” for retirement home residents.

‘Little individuals’

Audrey Wright expressed her excitement for the meet-ups, noting that her home’s close proximity to the school ensures her constant presence.

“When they kick the ball over, they all wave to get my attention. I go out and throw it back and there is a crowd of them and they will say, ‘Hooray for Lola’s granny’,” she said.

“Sometimes I’m up and down like a yo-yo. But it’s brilliant and very important for me. They’re little individuals and sometimes they really make you laugh.”

About 20 primary school age children sit on the floor. behind them six adults sit on chairs
The kids and adults enjoy the meet-ups.

The importance of intergenerational connection seems to be paying off, as five-year-old Evan said he was drawing hearts on his paper cracker “for my granny who dropped me off and I love her.”

Megan, who is decorating her biscuit with icing, explained, “I have loads of practice because I and my mum and dad bake at home.”



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What to Expect on GLP-1s: Typical Side Effects and Symptoms

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What to Expect on GLP-1s: Typical Side Effects and Symptoms



If you’re starting a GLP-1 medication or have recently begun treatment, you’re probably wondering what to expect.

Maybe you’ve heard stories about intense nausea or you’re currently having digestive issues and wondering if what you’re feeling is normal. Here’s the reality:

Many people do experience side effects, particularly in the early weeks, and while these symptoms are typically temporary, they can range from mildly uncomfortable to genuinely disruptive to your daily life. 

Understanding what’s normal and what’s not can help you navigate this adjustment period with confidence. Here are some of the most common GLP-1 side effects and symptoms, what to expect, and why they happen.

Nausea and Vomiting

Nausea is one of the most common side effects people experience when starting a GLP-1 medication. 

You might feel queasy, lose your appetite, or feel uncomfortably full after eating much less than usual. Some people occasionally experience vomiting, particularly early in treatment as the body adjusts to the medication. 

The intensity of nausea is usually highest during the beginning of treatment or when the dose increases.

Many people observe that eating smaller portions and avoiding heavy, high-fat meals helps reduce discomfort during this adjustment period. 

“Feeling nauseous and full can be a really uncomfortable experience. Only you can decide what feels tolerable.

but it’s important to know that these side effects are pretty short-lived,” says Stephanie Saletta, a dietitian with MyFitnessPal. “Your body typically adapts after you’re done escalating your dose.” 

While these side effects often resolve with time, that doesn’t make them any less real or uncomfortable in the moment.

Some people consider the nausea manageable with dietary adjustments; others may need their healthcare provider to slow down the dose escalation or explore additional support strategies.

Why This Happens

GLP-1 medications slow gastric emptying.  Translation? Food stays in your stomach longer before moving into your intestines.

This delayed emptying is part of how these medications reduce appetite and support weight management, but it can cause that over-full, nauseous feeling as your body adjusts to the change.

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Constipation

Constipation is another very common side effect, affecting a significant number of people taking GLP-1s. You might notice less frequent bowel movements or difficulty passing stools.

This digestive change is typically most noticeable in the first month but can persist for longer.  Staying well-hydrated and maintaining adequate fibre intake can help manage constipation. 

Some people find that their bowel habits never quite return to their pre-medication pattern, but they settle into a new, manageable routine.

Why This Happens

Because GLP-1 medications slow digestion overall, food moves through your entire digestive system more slowly.

This slower transit time naturally leads to less frequent bowel movements and can cause constipation.

Diarrhea

While constipation is more common, some people experience the opposite. Diarrhoea or loose stools can happen, especially if you’ve made significant changes to your diet or are eating very differently than before starting medication. 

For some people, it’s an initial adjustment that resolves within a few weeks. For others, it may be intermittent.

If diarrhoea is persistent or severe, it’s worth discussing with your healthcare provider, and staying hydrated becomes even more important.

Why This Happens

Diarrhoea on GLP-1s may be related to individual digestive responses to the medication, changes in your gut, or shifts in what and how much you’re eating.

Everyone’s digestive system responds differently to these metabolic changes.

Reduced Food Noise

One of the most celebrated effects of GLP-1 medications isn’t uncomfortable at all. It’s the reduction in “food noise”.

Food noise refers to the constant mental chatter about food: thinking about your next meal, fighting cravings, planning what you’ll eat, and feeling preoccupied with food throughout the day.

Many people on GLP-1s describe a dramatic quieting of these thoughts. You might notice that you’re simply not contemplating food as much, that cravings feel less urgent, or that you can make food decisions without the same mental struggle. 

“Some people describe the reduction in food noise as life-changing,” says Saletta. “They finally feel like they can focus on things other than their next meal.”

You might also notice that you feel genuinely satisfied with smaller portions, that you can stop eating when you’re comfortably full, or that foods you once found irresistible simply don’t have the same pull. 

Why This Happens

GLP-1 medications work in your brain as well as your gut.

They affect the reward pathways and appetite-regulation centres that drive food-seeking behaviour and cravings. This brain effect is what creates that quieter mental space around food decisions.

Better Blood Sugar Control

If you have type 2 diabetes or prediabetes, you might notice improvements in your blood sugar levels.

Your fasting glucose may decrease, your post-meal blood sugar spikes may be less dramatic, and your A1C may improve over time.

These blood sugar improvements can contribute to more stable energy throughout the day. 

Some people notice they don’t experience the same afternoon energy crashes or the “hangry” feelings they used to get between meals.

Even if you don’t have diabetes, more stable blood sugar can contribute to reduced cravings and more consistent energy levels.

Why This Happens

GLP-1 medications can improve blood sugar control in multiple ways. 

They enhance insulin secretion from your pancreas when blood sugar rises, suppress glucagon (a hormone that raises blood sugar), and slow the absorption of glucose from your meals due to delayed gastric emptying.

Energy and Fatigue

Low energy and more fatigue can happen on GLP-1 due to reduced calorie and nutrient intake.

You may feel physically fatigued, need more sleep, or notice your workouts feel harder than they were before.

This tiredness is usually the result of under-fuelling from eating less overall. Experts recommend eating nutrient-dense foods like fruits, vegetables, whole grains, and lean proteins to ensure adequate nutrient intake. 

If persistent fatigue continues, it’s worth discussing with your healthcare provider. 

Why This Happens

This fatigue can happen for several reasons. You may be eating significantly fewer calories than your body is accustomed to burning.

Your body is also adjusting to the medication itself and the metabolic changes it creates. Additionally, shifts in your blood sugar patterns (even positive ones) can temporarily affect energy levels as your body adapts.

When Side Effects Need Medical Attention

While many GLP-1 side effects are typical and temporary, certain symptoms require prompt medical attention. It’s also worth noting that “manageable’ is subjective.

If side effects are significantly impacting your quality of life—even if they don’t fall into the severe categories below—that’s worth discussing with your provider.

You shouldn’t have to white-knuckle through weeks of persistent discomfort.

Call your health care provider if you experience any of the following:

  • Severe abdominal pain that doesn’t improve or is located in your upper abdomen radiating to your back (potential sign of pancreatitis)
  • Persistent vomiting that prevents you from keeping down food or fluids for more than 24 hours
  • Signs of severe dehydration (dark urine, extreme dizziness, rapid heartbeat, inability to urinate)
  • Allergic reactions (difficulty breathing, severe rash, swelling of the face, or throat)
  • Vision changes or signs of diabetic retinopathy worsening

Trust your instincts. If something feels seriously wrong or different from the typical side effects described here, contact your healthcare provider. It’s always better to check in than to wait and worry.

How Long Do Side Effects Last?

For many people, the timeline looks something like this:

Weeks 1 to 4: Side effects are typically most intense during this period, particularly nausea, reduced appetite, and digestive changes. This is your body’s initial adjustment phase. 

Weeks 4 to 8: Digestive symptoms can improve for some people. You may still notice reduced appetite and food noise, but the uncomfortable aspects can lessen considerably. 

Beyond 8 weeks: Some people find they’ve adjusted well and experience minimal side effects, though some degree of appetite suppression and slower digestion typically continue (this is part of how the medication works).

It’s important to know that when your dose increases, you may experience a temporary return of side effects. 

This pattern of adjustment after dose changes is completely normal.

Some people have minimal side effects throughout their treatment, and that’s normal too. Having fewer side effects doesn’t mean the medication isn’t working for you.

Tips for Managing Common Side Effects

A few strategies can help you navigate the adjustment period more comfortably: 

  • Adjust your eating patterns: smaller, more frequent meals often feel better than three large meals. Listen to your fullness cues and stop eating when you’re satisfied, even if there’s food left on your plate.
  • Stay hydrated: sipping water throughout the day helps with both nausea and constipation. Some people find that cold or carbonated beverages help settle their stomach.
  • Be strategic about food choices: if nausea is an issue, avoiding very greasy or high-fat foods can help. If constipation is a problem, prioritise fibre-rich foods and adequate water intake.
  • Communicate with your healthcare provider: if side effects feel unmanageable, your provider may adjust your dosing schedule or suggest additional strategies. Don’t suffer in silence, and never stop your medication without consulting your provider first.

“It’s critical to stay in close communication with your healthcare team,” says Saletta.

They can advise when a mild side effect becomes something to worry about, and even in the case of mild side effects, there are almost always adjustments that can make the experience more tolerable.”

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Frequently Asked Questions

Are side effects a sign the medication is working?

Not necessarily. While side effects show that the medication is affecting your system, not everyone experiences side effects of the medication. 

Effectiveness is better measured by appetite changes, weight trends, and (if applicable) blood sugar improvements.

Will side effects get worse when my dose increases?

You may experience a temporary return of side effects after a dose increase, but they typically resolve more quickly than during your initial start.

Many people find that subsequent dose adjustments cause milder symptoms than their first few weeks.

Should I stop taking my GLP-1 if I have nausea?

Nausea is one of the most common side effects and usually improves within a few weeks. 

Talk to your healthcare provider about strategies to manage it—they may suggest taking your doYou can try taking the medication at a different time, adjusting your eating patterns, or temporarily maintaining your current dose for a longer period before increasing it.

Is it normal to not have any side effects?

Yes, everyone’s experience is different. Not everyone reports experiencing side effects on GLP-1 medications. This doesn’t mean the medication isn’t working.

Can I do anything to prevent side effects?

While you can’t prevent them entirely, starting at the lowest dose and increasing gradually (as prescribed) gives your body the best chance to adjust.

Following the eating strategies mentioned above from the start may also help minimise discomfort. 

The Bottom Line

Starting a GLP-1 medication comes with an adjustment period for most people.

While many side effects do improve over time, the experience can range from barely noticeable to genuinely challenging—and both experiences are valid. Nausea, constipation, and other digestive changes are typical in the first few weeks and often improve by the one- to two-month mark.

Many people also experience welcome changes like reduced food noise and better blood sugar control. Stay in close contact with your healthcare provider.

especially during the first few months of treatment, and remember that most side effects don’t require stopping your medication; they just require patience and sometimes a few strategic adjustments.

They just require patience and sometimes a few strategic adjustments. With proper support and realistic expectations, you can navigate this period successfully and work toward your health goals.



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Global investing outlook 2026: Why investors may look beyond the US; how AI, rate cuts and a softer dollar will shape returns

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Global investing outlook 2026: Why investors may look beyond the US; how AI, rate cuts and a softer dollar will shape returns

Global investment opportunities are set to widen meaningfully in 2026, as easing monetary policy, a weakening US dollar, and profit growth outside the United States reshape capital flows, according to a Franklin Templeton report.

The asset manager report titled ‘Global Investment Outlook 2026 and Beyond’

said that global markets are entering a phase where returns are likely to “broaden” across regions and asset classes,

moving away from the US-centric leadership seen recently, even as American equities—particularly technology stocks—remain resilient.” “In 2026,

opportunities across global capital markets,

we foresee broadening opportunities across global capital markets, driven by attractive profits growth outside the United States and by global monetary policy easing.”

the report said. Franklin Templeton identified three cyclical forces defining the near-term landscape—widening, steepening, and weakening.

‘Broadening’ reflects expanding opportunities across geographies and asset classes; ‘steepening’ points to yield curves as short-term rates fall faster than long-term yields; and ‘weakening’ refers to the US dollar.

which the firm expects to remain under pressure. Yield curves are likely to steepen as central banks cut policy rates, reducing the appeal of cash and pushing investors towards equities, credit and longer-duration fixed income. “

Falling short-term interest rates will incentivise investors to move out of cash holdings and into risky assets.”

The report said that cyclically sensitive sectors, such as finance, industry, and smaller companies, could benefit.

The US Federal Reserve resumed rate cuts in September 2025 after a nine-month pause and is expected to continue easing into the first half of 2026.

even as inflation remains above target. Franklin Templeton said this policy backdrop reinforces its broadening thesis, encouraging investors to look beyond traditional safe assets.

The US dollar has already fallen about 10% on a trade-weighted basis this year, and the report suggested the decline may not be over. “

Weakening of the US dollar tends to reinforce a broadening of returns across capital markets, by region, sector, and asset class.”

it said, highlighting positive implications for emerging market debt and equities.

Looking beyond 2026, Franklin Templeton outlined three long-term themes likely to shape portfolios over the coming half-decade—the age of intelligence,

The report also highlighted the mainstreaming of private markets and the emergence of big government.

Artificial intelligence remains central to the long-term investment case, but the report stressed that AI deployment is still in its early stages. “

Its contribution to growth, social welfare, and investment returns is just beginning.”

Franklin Templeton spoke, pointing to continued opportunities in data centres, advanced semiconductors, and AI-enabling infrastructure.

A key constraint—and opportunity—lies in energy. The need to feed AI’s vast energy appetite is one of the most compelling investment themes.

The report noted, flagging rising electricity demand and spillover benefits for engineering, industrial metals and power infrastructure. Private markets are also expected to play a larger role as investors search for income and diversification in a lower-rate environment.

Franklin Templeton identified commercial real estate debt, infrastructure, and secondary private equity offerings as his preferred areas as cash yields declined. Simultaneously,

The report cautioned that an increase in government intervention could potentially reduce returns. “We have entered an era of big and intrusive government,

which risks lowering returns and increasing risk across capital markets over the remainder of this decade.”

it said. Franklin Templeton said investors will need to adapt their portfolios to a world where leadership is dispersed.

Policy uncertainty remains elevated, and innovation—particularly in technology, private assets, and digital finance—continues to be the dominant long-term driver of returns.

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