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BlackRock Inc, the world's largest money manager, reported a higher-than-expected quarterly profit on Thursday, benefiting from strong markets and a flow of new money into its exchange-traded funds and retail business. The New York-based asset manager ended the fourth quarter through December 31 with $4.3 trillion in assets, including new money and market gains, surpassing the $4 trillion mark for the first time last year. That asset growth - a 14 percent rise from the end of 2012 - helped drive BlackRock's 24-percent jump in quarterly profit to $841 million, or $4.86 per share, up from $690 million, or $3.93 per share, a year earlier. BlackRock and its peers make money by charging fees as a percentage of assets under management. "They are well positioned to generate solid growth almost regardless of the market environment, given that they have a very broad product offering," said Jason Weyeneth, a New York-based analyst with Sterne, Agee & Leach Inc, focusi

Goldman Sachs Group Inc and Citigroup Inc were hit hard by a sharp fall in bond trading revenues in the fourth quarter, a stinging blow for two banks long seen as stalwarts of fixed income markets. The two banks performed worse in fixed income than rivals JPMorgan Chase & Co and Bank of America Corp, showing that even as bond market trading volume suffers from falling prices, some banks will endure more pain than others. Softer markets are only the beginning of the trouble with trading bonds, which include fixed income, currency, and commodities products, at investment banks. Regulators are boosting capital requirements and making many derivatives markets more transparent for investors. The moves are designed to make markets safer after Wall Street's excesses helped bring the financial system to the brink of collapse in 2007 and 2008. But they also cut into profits. Goldman's profit fell 21 percent, as revenue from fixed income trading dropped 11 percent after adjusti

The Dow and S&P 500 dipped on Thursday, led by financial shares after a round of disappointing earnings from the sector. The S&P 500 pulled back from record levels and was nearly flat for the week. Financials were the biggest drag on the market after both Citigroup Inc ( id="symbol_C.N_0"> C.N ) and Goldman Sachs Group Inc ( id="symbol_GS.N_1"> GS.N ) reported quarterly profits hit by lower bond trading revenue, with Goldman's earnings falling 21 percent and Citigroup's missing expectations. The results followed fairly positive reads on the sector from JPMorgan Chase & Co ( id="symbol_JPM.N_2"> JPM.N ), Bank of America Corp ( id="symbol_BAC.N_3"> BAC.N ) and Wells Fargo & Co ( id="symbol_WFC.N WFC.N ). _4"> Goldman's stock slid 2.1 percent to $175.06, one of the Dow's biggest decliners, while Citigroup dropped 4.1 percent to $52.75. The S&P financial sector index .SPSY fell 0.7

A decade of lawmaking by U.S. states to ensure consumers are told when their data has been hacked still lets companies such as Target Corp wait weeks or even months to disclose security breaches. Forty-six of 50 U.S. states have passed laws requiring disclosure, starting with California in 2002, but the laws vary in terms of when and how notice must be given, and most states allow for delays to investigate the intrusion. Calls for federal action, including by the U.S. Federal Trade Commission, have gone unheeded by Congress. And guidelines to safeguard investors in public companies also do not give clear guidance on timing and do not require disclosures that would compromise a company's cyber security. Consumer advocates have criticized Target, where data from 40 million credit and debit cards and 70 million other records containing customer information was stolen. State attorneys general are probing the breach. Target says it acted quickly after taking defensive action. &qu

U.S. stocks rose on Wednesday, with the S&P 500 climbing to an all-time closing high after strong earnings from Bank of America and data signaled that the economy was improving. Bank of America Corp ( id="symbol_BAC.N_0"> BAC.N ) climbed 2.3 percent to $17.15 and gave one of the biggest boosts to the S&P 500 after the second-largest U.S. bank said its quarterly profit surged by nearly $3 billion on an increase in revenue. The report came a day after both JPMorgan Chase & Co ( id="symbol_JPM.N_1"> JPM.N ) and Wells Fargo & Co ( id="symbol_WFC.N_2"> WFC.N ) also posted better-than-expected earnings, though Wells Fargo's mortgage lending slowed to the lowest level in five years. "So far so good with bank earnings this season, and it is very positive that we're seeing significant declines in foreclosures, which is very positive for the economy," said David Kelly, chief global strategist for JPMorgan Funds in New

The U.S. economy continued to grow at a moderate pace from late November through the end of 2013, with some regions of the country expecting a pick-up in growth, the Federal Reserve said on Wednesday. _0"> In its Beige Book report of anecdotal information on business activity collected from contacts nationwide, the U.S. central bank said two-thirds of the 12 districts reported increases in hiring. "The economic outlook is positive in most districts, with some reports citing expectations for 'more of the same' and some expecting a pick-up in growth," the report said. The findings, compiled by the Federal Reserve Bank of Boston from data collected on or before January 6, were broadly in line with economic data ranging from consumer spending to industrial production that have showed a building up of strength in the economy in late 2013. The reports of increased hiring support views that a sharp slowdown in job growth in December was the result of cold weath

A former driver for Osama bin Laden and a witness linked to plots to bomb U.S. airliners may testify by video at the U.S. trial of Suleiman Abu Ghaith, a son-in-law of bin Laden and former al Qaeda spokesman charged with conspiring to kill Americans and providing material support to terrorists. U.S. District Judge Lewis Kaplan in Manhattan on Wednesday granted a defense motion to allow testimony from Salim Hamdan, perhaps best known as the plaintiff in a 2006 U.S. Supreme Court decision that found unconstitutional the military commissions set up for detainees at Guantanamo Bay in Cuba . Hamdan's subsequent conviction was overturned in October 2012. According to Abu Ghaith's lawyers, Hamdan would testify that he never saw the defendant participate in any plotting, and that Abu Ghaith's inclusion on a "brevity card" that contained names of members of al Qaeda's inner circle would not necessarily suggest allegiance to al Qaeda. Prosecutors had argued that te

Bank of America Corp said on Wednesday its quarterly profit surged by nearly $3 billion as revenue increased and mortgage losses plunged, the clearest sign yet the bank was shaking off the impact of the financial crisis. The results for the second largest U.S. bank were strong across most businesses, with consumer banking having its best quarter since 2011 and the wealth management and global banking divisions posting record revenues. "They're showing some positive momentum on growing their customer base and their revenues," said Jonathan Finger of Finger Interests Ltd, a Houston investment firm that owns shares in the bank. "Certainly the stock has been performing very well." Bank of America's shares rose 2.3 percent to $17.15 on Wednesday, after earlier rising to $17.42, the highest level since May 2010. The bank's shares rose 34.6 percent last year, outpacing the broader market, and have risen some 250 percent from their post-crisis nadir in Dece

Northern Irish poet Sinead Morrissey won Britain's prestigious T.S. Eliot prize on Monday for "Parallax", a collection that explores the nature of reality and includes a poem inspired by watching a film while giving birth. Morrissey, who is the first poet laureate of Belfast and had been shortlisted for the prize on three previous occasions, will receive an award of 15,000 pounds ($24,600). "I'm so delighted, it's a dream come true," she told Reuters after the prize was announced at a ceremony held at London's Hertford House, the home of the Wallace Collection of art. Morrissey, whose winning collection examines the difference between perception and reality, said she had no explanation for why Northern Ireland , also the birthplace of late Nobel Prize winner Seamus Heaney, was a fertile breeding ground for poets. "I think there is something distinctive about Northern Ireland and I think the poetry tradition from that very small place with

A napkin-size Renoir painting bought for $7 at a flea market but valued at up to $100,000 must be returned to the museum it was stolen from in 1951, a federal judge ordered on Friday. The 1879 Impressionist painting "Paysage Bords de Seine," dashed off for his mistress by Pierre-Auguste Renoir at a riverside restaurant, has been at the center of a legal tug-of-war between Marcia "Martha" Fuqua, a former physical education teacher from Lovettsville, Virginia, and the Baltimore Museum of Art in Maryland. Judge Leonie Brinkema, in a hearing in the U.S. District Court for the Eastern District of Virginia, dismissed Fuqua's claim of ownership, noting that a property title cannot be transferred if it resulted from a theft. "The museum has put forth an extensive amount of documentary evidence that the painting was stolen," Brinkema said, citing a 1951 police report and museum records. "All the evidence is on the Baltimore museum's side. You sti

U.S. philanthropic foundations have pledged more than $330 million to help preserve the Detroit Institute of Art's collection and assist in shoring up the cash-strapped city's employee pensions, the mediators overseeing Detroit's bankruptcy negotiations said on Monday. _0"> In a statement, the mediators said other foundations are expected to pledge assistance in the near term. "As the mediators attempt to achieve a settlement of all claims, it bears emphasis that the foundations' agreement to participate is specifically conditioned upon all of their funds being committed to the twin goals of helping the city's recovery from bankruptcy by assisting the funding of the retirees' pensions and preserving the DIA's art collection as part of an overall balanced settlement of disputes in the bankruptcy," the mediators said. Last month, auction house Christie's appraised the value of Detroit-owned works at the institute at $454 million to $

Imelda Marcos' former secretary was sentenced on Monday to up to six years in a New York prison for a scheme to sell art that once belonged to the former Philippine first lady, including a Claude Monet water-lily painting that netted $32 million. Vilma Bautista, 75, was convicted in November of conspiracy and tax fraud charges related to the sale or attempted sale of four museum-quality paintings acquired by Marcos during the two decades that her husband, Ferdinand Marcos, was president of the Philippines. The art disappeared around 1986, when Marcos was ousted from power. He died three years later. A New York state judge sentenced Bautista to between two and six years in prison for the count of tax fraud and between one and three years for the conspiracy charge. Bautista, who had faced up to 25 years in prison, was also ordered to pay $3.5 million in restitution to the state of New York. Bautista was charged in the state because she lives in New York City. Prosecutors said

Sotheby's has rebutted claims that an $8.2 million Chinese calligraphic scroll it sold at auction in New York last year is a fake, defending its reputation as it seeks to gain a foothold in the fast-growing China art auction market. The New York-based auctioneer issued a 14-page document authenticating the work by Song dynasty politician-poet Su Shi, China's equivalent of one of Europe's Renaissance masters, which had been expected to fetch in excess of $300,000. The scroll, comprising just nine characters, went well past that estimate, going under the hammer for $8,229,000, including a buyer's premium of 12 to 25 percent. The buyer, Chinese art collector and businessman Liu Yiqian, was quoted by Chinese media on Tuesday as saying he believed the work was real. Sotheby's rejected assertions carried in the state-owned China Cultural Relic News, and written by three Shanghai-based researchers, that the more than 900-year-old scroll was not by Su Shi, also known

A Picasso portrait of his lover and eventual wife Jacqueline Roque and a canvas by Belgian surrealist painter Rene Magritte are among the star attractions of February auctions that Christie's said on Monday could net almost $380 million. Christie's estimated that those works and others to be sold in four auctions on February 4-5 and a fifth on February 7 in London could raise between 156.7 million and 228.3 million pounds ($260 million-$376 million). The Picasso, entitled "Femme au costume turc dans un fauteuil" (Woman in a Turkish costume seated in a chair), 1955, is valued at 15-20 million pounds and is on sale for the first time in 55 years, Christie's said in a press release. The painting is one of a small group of portraits by Pablo Picasso showing Roque in the costume of an "odalisque", a woman of the harem. It is "a colorful, sexually charged celebration of Jacqueline, whom Picasso would marry six years later and who would become one of

London has a new theatre lit entirely by candles, transporting audiences back 400 years to the kind of performances seen on winter nights in Shakespeare's time. Constructed mainly of oak, the building sits alongside the established open-air Globe theatre on the south bank of the Thames - but it offers a very different experience by replicating an indoor playhouse of the early 17th century. While the Globe's thatched amphitheatre is breezy and holds more than 1,500 people, the new Sam Wanamaker Playhouse - named after the American actor and director who came up with the idea for both venues - is intimate, with just 340 seats. Stepping inside is like entering an antique marquetry box, with the flickering candlelight illuminating woodwork and a painted ceiling that make a fine setting for the inward-looking psychological dramas of the Jacobean period. In many ways the small indoor space is an "anti-Globe," according to artistic director Dominic Dromgoole, whose pro

A celebrated portrait by Francis Bacon of his lover and muse George Dyer could raise up to 30 million pounds ($49 million) on auction in London next month, Christie's said on Wednesday. A Bacon triptych sold last year set an auction record of $142 million. The "Portrait of George Dyer Talking" from 1966 is one of the most famous images of Bacon's lover and was exhibited at his Retrospective at the Grand Palais in Paris in 1971, a Christie's statement said. The Irish-born Bacon met Dyer in London's Soho district in 1963, drawn to him by his fragility and need for protection. An anxious, constant smoker and problematic drinker, Dyer went on to dominate Bacon portraits for the rest of the decade. Dyer committed suicide in 1971. The portrait will be offered at the Post-War and Contemporary Art Evening Auction on February 13 in London. "Francis Bacon's position at the forefront of 20th century painting was highlighted at Christie's in November

Juan Gelman, the celebrated Argentine poet and fierce critic of the South American nation's "dirty war" against leftists, died Tuesday in Mexico City, Mexico's national art council said. _0"> Gelman, who was born in Buenos Aires but lived in the Mexican capital for more than 20 years, died after being hospitalized, the council said in a statement. Local media reported that he suffered from myelodysplastic syndromes (MDS), a group of bone marrow and blood diseases. The poet and political analyst's writings won some of the highest awards given to Spanish writers, including the lifetime achievement Miguel de Cervantes Prize. Gelman fought against impunity and injustices under Argentina's military junta, which "disappeared" thousands of suspected leftists from 1976 to 1983. One of Gelman's own sons was kidnapped and murdered during the so-called "dirty war." (Reporting by Miguel Gutierrez; Editing by Lisa Shumaker)

Syrian rebels battled President Bashar al-Assad's forces in and around the northern city of Aleppo on Sunday, seeking to reverse gains made by loyalist forces in the commercial hub over the last two months, activists said. The fighting, by a variety of insurgent groups, happened as France urged moderate rebels to wrest territory back from radical Islamists whose role in the fight to topple Assad poses a dilemma for Western countries concerned that arms shipments could fall into the hands of people it considers terrorists. The 11 Western and Arab countries known as the "Friends of Syria " agreed on Saturday to give urgent military support to the rebels, channeled through the Western-backed Supreme Military Council in a bid to prevent arms getting to Islamist radicals. But radical forces showed they remained formidable on Sunday when the Islamist Ahrar al-Sham brigade detonated a car bomb at a roadblock at an entrance to Aleppo killing at least 12 loyalist soldiers, a

Police have removed a flagpole from the Taliban's office in Qatar, an official said on Sunday, expunging the last visible sign of official decoration that riled the Afghan government and derailed nascent peace talks. The Taliban was due to hold discussions with U.S. officials in Qatar last Thursday - originally raising hopes the meeting could develop into full-blown negotiations to end Afghanistan's 12-year-old war. But the session was canceled when the Afghan government objected to the fanfare surrounding the militants' opening of an office in the Gulf state, complete with flag and official plaques. Kabul said the regalia gave the mistaken impression the militants - who ruled Afghanistan until they were ousted by the U.S. offensive starting in 2001 - had achieved some measure of global recognition. The flag and a plaque were removed late last week amid frantic diplomatic efforts to resolve the dispute. The flagpole was no longer visible at the building on Sunday. &

Since his first day in office, President Barack Obama's foreign policy has rested on outreach: resetting ties with Russia, building a partnership with China and offering a fresh start with antagonistic leaders from Iran to Venezuela. But the global travels on Sunday of former National Security Agency contractor Edward Snowden highlight the limits of that approach. Leaders Obama has wooed - and met recently - were willing to snub the American president. The cocky defiance by so-called "non-state actors" - Snowden himself and the anti-secrecy group, WikiLeaks, completes the picture of a world less willing than ever to bend to U.S. prescriptions of right and wrong. Snowden flew out of Hong Kong, the semi-autonomous Chinese territory, early on Sunday after Hong Kong authorities rebuffed a U.S. request to detain him pending extradition to the United States for trial. Snowden has acknowledged leaking details of highly classified NSA surveillance programs. Beijing may mer

Turkish Prime Minister Tayyip Erdogan piled ridicule on activists behind weeks of protests against his government during a rally on Sunday and defended riot police who fired water cannon at crowds in Istanbul a day earlier. Looking out of over a sea of Turkish flags waved by his AK Party faithful in the eastern city of Erzurum, Erdogan praised his supporters and the general public for opposing what he called a plot against his country. "The people saw this game from the start and frustrated it. They (the protesters) thought the people would say nothing. They said we will burn and destroy and do what we want but the people will do nothing," he said. Sunday's mass rally was the fifth which Erdogan has called since protests began in Istanbul in an unprecedented challenge to his 10-year rule. The unrest was triggered when police used force against campaigners opposed to plans to develop Istanbul's Gezi Park, but they quickly turned into a broader show of anger at wh

Syrian rebels battled President Bashar al-Assad's forces in and around the northern city of Aleppo on Sunday, seeking to reverse gains made by loyalist forces in the commercial hub over the last two months, activists said. The fighting, by a variety of insurgent groups, happened as France urged moderate rebels to wrest territory back from radical Islamists whose role in the fight to topple Assad poses a dilemma for Western countries concerned that arms shipments could fall into the hands of people it considers terrorists. The 11 Western and Arab countries known as the "Friends of Syria " agreed on Saturday to give urgent military support to the rebels, channeled through the Western-backed Supreme Military Council in a bid to prevent arms getting to Islamist radicals. But radical forces showed they remained formidable on Sunday when the Islamist Ahrar al-Sham brigade detonated a car bomb at a roadblock at an entrance to Aleppo killing at least 12 loyalist soldiers, a

Scattered protests took place in dozens of Brazilian cities on Saturday, although fewer people took to the streets in Sao Paulo, Rio de Janeiro and Salvador, where vandalism and clashes with police have rocked the country in recent days. Demonstrators, a mainstay outside stadiums as Brazil hosts an international soccer tournament, largely steered clear of a Brazil- Italy match in the northeastern city of Salvador - a relief for fans who have had to dodge clashes between protesters and police at several games over the past week. But tensions flared outside another game between Mexico and Japan in the southeastern city of Belo Horizonte, where riot police fired tear gas at protesters after they overstepped a perimeter and moved toward the stadium. The game proceeded without further incidents. Other gatherings around the country unfolded mostly peacefully, with an estimated 30,000 protesters marching on Sao Paulo's main avenue against a bill in Congress that would limit the pow

Chinese companies are getting more creative in the business of money lending as they struggle to keep profits ticking over in a cooling economy, raising concerns they are adding to the mountain of debt risks building in the world's No.2 economy. _0"> Big state companies in industries struggling with over-capacity but with easy access to credit are borrowing funds, not to invest in their business but to lend to smaller firms sometimes at several times the official interest rate, part of an informal lending market in China that authorities are taking aim at. China's central bank increased pressure on banks to rein in such informal lending and speculative trading last week in money markets, letting short-term interest rates spike to extraordinary levels. In the $3.7 trillion so-called shadow banking market, the fastest growing area is in so-called entrusted loans, which are arranged by banks on the companies' behalf, and in bankers' acceptance notes, tradable

Through the dark days of the financial crisis, and the grey days of the halting recovery that have followed, investors have always been able to count on backing from two sources - Ben Bernanke and Beijing. They have provided stimulus, mainly by pumping funds into the U.S. and Chinese economies in various ways, when other pillars of support had become unreliable. That helps to explain why global financial markets took such a beating last week when both signaled that they are getting tired of being leant on so heavily. Bernanke, the chairman of the U.S. Federal Reserve, set a timetable at last week's Fed meeting for the central bank to reduce the size of its bond buying program with a view to ending it by the middle of next year. Meanwhile, his counterparts at the People's Bank of China (PBOC) engineered a cash crunch as a warning to overextended banks - and this from a central bank that has previously always provided liquidity when cash conditions tightened. A lot will n