Bloomberg BlackRock Inc., the world’s largest money manager, said third-quarter profit rose 3.8 percent as the firm cut costs while assets under management increased. Net income increased to $875 million, or $5.26 a share, from $843 million, or $5, a year earlier, according to a statement on Tuesday. Adjusted earnings of $5.14 a share beat the $4.98 average estimate …

  Bloomberg Chinese central bank Deputy Governor Fan Yifei talked up the importance of asset-management firms created to clean up bad loans at a briefing on Sunday, saying that they played a key role in reducing corporate leverage. Speaking in Beijing at the launch of a restructured China Orient Asset Management, a bad-loan manager backed by the Finance Ministry and …

  QUITO / WAM The 193 countries of the United Nations, represented by over 30,000 delegates, on Monday night adopted a milestone new approach to sustainable urban development, with prominent assistance from the United Arab Emirates. Cities now represent around 80% of global GDP, and by 2050 are expected to grow in population from 3.9 billion in 2014 to 6.3 billion …