Verizon earns

Verizon Communica tions reported a 21 per cent drop in second- quarter profit and an nounced 8,000 more job cuts by the end of the year. Verizon earned $1.48 billion, or 52 cents per share, in the three months ended June 30 from $1.88 bil lion, or 66 cents per share, a year ago.

Trade-ins

Almost 16,000 US auto dealers, or about 80 percent of the na tion’s new-vehicle re tailers, have applied to participate in the “cash- for-clunkers” vehicle trade-in program, Transportation Secre tary Ray LaHood said.

Lloyds move

Lloyds Banking Group Plc, the UK’s biggest mortgage lender, named Win Bischoff chairman to replace Victor Blank, who is retiring.

Pang plea

Danny Pang, the founder of Private Equity Management Group who US regulators claim bilked Taiwanese inves tors, pleaded not guilty to charges he structured cash withdrawals to avoid having to report them. US Magistrate Judge Robert N. Block set a trial date for Sept. 15.

UBS-Morgan

Another senior UBS Investment Bank execu tive has jumped ship to Morgan Stanley and its hard-hit hedge fund services business, in the latest exchange of execu tives between the two banks. John Carlisle, managing director and Dallas-based head of the southwest US region for UBS Investment Bank’s prime services business, will join the bank.