  We report recent progress in SM calculations of $b \to s$ transitions. We
discuss the first NNLL prediction of the $\bar B \to X_s \gamma$ branching
ratio, including important additional subtleties due to non-perturbative
corrections and logarithmically-enhanced cut effects, and also recent results
on the inclusive mode $\bar B \to X_s \ell^+ \ell^-$. Moreover, new results on
the corresponding exclusive modes are reviewed. Finally, we comment on the
present status of the so-called $B \to K \pi$ puzzle in hadronic $b \to s$
transitions
