Swiss Defence Funding: Switzerland proposes a 0.5 percentage-point VAT hike to 8.6% over 12 years, with all extra revenue earmarked for defence spending, including Patriot-related costs and a possible second air-defence system. US-Iran Talks in Switzerland: After high-level negotiations at Burgenstock, the US and Iran agreed on a 60-day roadmap and working groups, but they immediately contradicted each other on nuclear inspections and how frozen Iranian assets will be handled—keeping markets and Gulf partners on edge. Gulf Markets: Most GCC equity markets closed lower as investors weighed the deal’s durability and rate expectations, even as some sectors moved on hopes for improved Hormuz traffic. VAT vs. Politics: The VAT plan is already drawing scrutiny from Swiss parties, with the government trying to soften the impact via a smaller-than-first-proposed increase and a longer rollout. Swiss Procurement: Switzerland has started contract talks with France, Israel and South Korea for a second air-defence system after delays to US Patriot deliveries. India–Swiss Business Risk: India’s Enforcement Directorate flagged suspected forex and documentation irregularities at Rajesh Exports linked to its Swiss refining unit Valcambi, including missing records and alleged revenue overstatement. AI Governance: China’s premier warned that without fast regulation, AI could lead to “losing control” and ethical failures, while also stressing AI’s economic upside. Energy Storage & Solar Tech: Sunwoda launched an upgraded European-focused energy-storage and digital management platform at Intersolar, while Swiss research highlights progress in long-duration storage and advanced lithography.