  Theoretical predictions for the branching ratios of the $B \rightarrow
X_s\,\gamma$ and $B \rightarrow K^*\,\gamma$ decays are calculated in the
Standard Model and in the (type II) two-Higgs-doublet model. Both the complete
leading and the partially known next-to-leading order QCD corrections are
included. The uncertainties due to the regularization scheme dependence
introduced by the incomplete NLO terms are discussed. The results are compared
with the recent CLEO II measurements and a new lower limit on the charged Higgs
boson mass, $M_{H^\pm} > \sim 200$ GeV, is obtained.
