Verizon profits slump in crunch

US telecoms giant Verizon yesterday said second-quarter profit fell 7.2 per cent hurt by higher costs and less demand among business customers pinched by the crunch. Profits fell to $3.16bn, or 52 cents a share, in the three months ended 30 June, down from $3.4bn the same period a year earlier. To counter slowing sales the group plans to axe 8,000 jobs.