Theory of Semi-- and Nonleptonic Decays of Heavy Mesons

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I review some of the recent developments in the theoretical description of weak inclusive decays of heavy mesons. The topics cover the value of |Vcb| as extracted from semileptonic inclusive decays and a short discussion of the theoretical errors. I also present the results of a recent calculation of next--to--leading order corrections to nonleptonic inclusive B decays which allows an improved prediction of the semileptonic branching ratio of B mesons.