M&A Watch (Swiss Industry): ABB (Sweden-Swiss) agreed to buy UK flow-control maker Rotork for about US$5.5bn, its biggest-ever deal, to expand automation and electrification and strengthen intelligent process control; closing is targeted for H1 2027. Energy & Climate Resilience: Swiss reservoir levels are at 46% full—lowest in 20 years—after a dry spring and limited snowfall, though officials say supply bottlenecks are not expected. Transport & Costs: Switzerland’s transport costs rose to about CHF117bn in 2023 as traffic volumes climbed; passenger transport drives most costs and cars still dominate travel. Rail Freight & Logistics: MSC is reportedly eyeing the Interporto Bologna rail freight terminal, potentially moving toward majority control. Trade & Investment: New Zealand and Switzerland will set up a Trade and Investment Dialogue covering trade, economic security, e-commerce, investment and sustainability, with officials meeting first in September. Alpine Infrastructure: Switzerland’s tunnel network is increasingly framed as a climate tool by shifting freight off mountain roads onto rail. Aviation Policy: A Swiss NGO proposal would tax flights departing Switzerland and return funds as vouchers for trains, buses and trams. Security & Defence: Swiss politicians are challenging plans to retire F/A-18s from 2030, citing delivery and pricing uncertainty around incoming F-35s.