BEIJING — Twenty-one Asian nations signed on to a China-driven initiative today to create a new international bank for Asia that Washington opposes as an unnecessary and potentially damaging rival to established institutions such as the World Bank.

The Asian Infrastructure Investment Bank reflects both China's desire to push investment in the region and its frustration with U.S., Japanese and European dominance of the World Bank, International Monetary Fund and Asian Development Bank.

Countries signing today's memorandum of understanding at Beijing's Great Hall of the People ranged from regional giant India to small, impoverished countries such as Laos and wealthier states including Singapore and Qatar. Absent were close U.S. allies Japan, South Korea and Australia, who China had invited to join.

Joining the bank will give countries input at the outset into what could become a major international lender and a more transparent alternative to development projects financed directly by China.

DETROIT — Big profits from rising SUV and truck sales in North America helped General Motors nearly double its third-quarter net profit and more than offset its struggles in Europe and South America.The automaker posted net income of $1.38 billion, or 81 cents per share. In the year-ago quarter, GM made $698 million, or 45 cents per share.The July-September quarter was the first this year without significant charges for recalls. GM has issued 75 recalls in 2014 covering more than 30 million vehicles, costing the company more than $2.8 billion.Without $331 million in one-time items, GM would have made 97 cents per share, exceeding Wall Street's expectations. Analysts polled by FactSet expected 95 cents.