In the past fortnight, a heavily mutated Covid variant has been identified, rapidly labelled a "variant of concern" by the World Health Organization and named Omicron. It was first detected in South Africa and the spread some countries including the UK, Hong Kong and a few others.
It is a rapidly evolving situation. Omicron's genetic profile has raised concerns, but there's a shortage of real-world data that means nobody has the complete picture of what it can do.
It is unclear how big a threat it poses.