I thought this was a logical suggestion. If it isn't... ._.
To show read updates, there will be a little tick box next to each update to show it is read or unread. You can tick it to say it's read, and leave it to show it's unread.
How it will show there are new updates:
A circle above 'My Updates' text with the number of unread updates
Above the 'My Updates' bit it will show a colored circle, inside the circle showing the number of unread updates. Pretty self-explanatory.
It will show '1 New Updates' in place of 'My Updates'
...Um, self-explanatory, really. :D
So... thoughts? o_o'