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With the wealth of new data from the B-factories, b -> d penguin decays become available for study, in addition to their b -> s counterparts that have proven an indespensable tool for the exploration of new-physics effects in flavour physics. A prominent example of the b -> d penguin transitions is $bar B^0_d to K^0 bar K^0$. We show that this decay can be charaterized in the Standard Model by a surface in the observable space of the direct and mixing-induced CP asymmetries and the branching ratio. The form of this surface, which is theoretically clean, implies a lower bound for the branching ratio that has recently been confirmed experimentally. If future measurements of the CP asymmetries yield a point away from the SM surface, this would be an interesting signal of new physics. We point out that the hadronic parameters in $bar B^0_d to K^0 bar K^0$ that parameterize the position on the SM surface are related to hadronic parameters in the B -> pi K system. The fact that the branching ratio of $bar B^0_d to K^0 bar K^0$ is very close to its lower bound yields interesting implications for B -> pi K even without knowledge of the CP asymmetries of $bar B^0_d to K^0 bar K^0$. The mechanism that produces the lower bound for $bar B^0_d to K^0 bar K^0$ is actually much more general; we derive lower bounds for various other b -> d penguin-induced processes, including B -> rho gamma and $B^pm to K^{(ast)pm} K^{(ast)}$. Some of these theoretical lower bounds are very close to the current experimental upper bounds.
Recent experimental results from CLEO indicate that strong penguin processes are remarkably robust. These results have spurred a variety of theoretical efforts which will be briefly review here. In particular we will discuss exclusive modes, inclusiv
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