one of the the highest for any bank since the financial crisis began more than a year ago. Aerospace giant Boeing reported third-quarter earnings had dropped 38 per cent as the company was hit by the costs of a protracted machinists' strike. The US pharmaceutical concern Merck & Co said it would cut 7,200 jobs, or 12 per cent of the workforce, as third quarter earnings fell 2 per cent, to 5.9 billion dollars. There was good news for US telecoms AT&T, Philip Morris tobacco company and the fast food chain McDonald's. Although AT&T rode demand for the Apple iPhone to increased profits, it was less than analysts had expected - only a 6 per cent gain to 3.2 billion dollars. Philip Morris, maker of Marlboro cigarettes, did good business in Eastern Europe and emerging economies, boosting earnings to 2.1 billion dollars, a 20-per-cent climb from the same period last year, the company said Wednesday. McDonald's, the world's largest restaurant company, reported an 11 per cent rise in third quarter profits to 1.19 billion dollars, boosted by consumers seeking cheaper food on the dollar menu of the Golden Arches. Europe outpaced US demand for McDonald's products, the company said Wednesday.
