  We review and update the constraints on the parameters of the quark flavour
mixing matrix $V_{CKM}$ in the standard model and estimate the resulting CP
asymmetries in $B$ decays, taking into account recent experimental and
theoretical developments. In performing our fits, we use inputs from the
measurements of the following quantities: (i) $\abseps$, the CP-violating
parameter in $K$ decays, (ii) $\delmd$, the mass difference due to the
\bdbdbar\ mixing, (iii) the matrix elements $\absvcb$ and $\absvub$, (iv)
$B$-hadron lifetimes, and (v) the top quark mass. The experimental input in
points (ii) - (v) has improved compared to our previous fits. With the updated
CKM matrix we present the currently-allowed range of the ratios
$|V_{td}/V_{ts}|$ and $|V_{td}/V_{ub}|$, as well as the standard model
predictions for the \bsbsbar\ mixing parameter $\xs$ (or, equivalently,
$\delms$) and the quantities $\sin 2\alpha$, $\sin 2\beta$ and $\sin^2\gamma$,
which characterize the CP-asymmetries in $B$-decays. Various theoretical issues
related to the so-called ``penguin-pollution," are of importance for the
determination of the phases $\alpha$ and $\gamma$ from the CP-asymmetries in
$B$ decays, are also discussed. (to be published in the proc. of the Pisa heavy
flavour physics conference.)
