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Description
Top quark physics is entering a new era of precision with the recent results from Tevatron and initial LHC data. We discuss the latest theory developments for cross section predictions in channels relevant for precision studies of the Standard Model as well as the role of top quarks in searches for the Higgs boson and new physics beyond the Standard Model. We present the first direct determination of the running top-quark mass based on the total cross section measured at the Tevatron and comment on the implications for electro-weak precision fits.