Abstract:
Recently, our knowledge of flavor physics and CP violation increased tremendously. CP violation provides some of the most precise constraints on the flavor sector, and there are significant new bounds on the deviations from the Standard Model in $B_d$ and $B_s$ mixing, and in $b\to s$ and $b\to d$ decays. We discuss the implications of these for the Standard Model and some of its extensions. Some highlights of theoretical developments for exclusive nonleptonic decays and their implications for interpreting the data will also be discussed.