Guy Hands, the new boss of EMI has been looking at cost cutting at the major label as raising margins from the interrnet and mobile phones as they look for an exit in 2012 according to the Times.

Guy Hands, the new boss of EMI has been looking at cost cutting at the major label as raising margins from the interrnet and mobile phones as they look for an exit in 2012 according to the Times.

Hands reportedly questioned the necessity of the record industry having so many different trade associations, in particular questioning the need for major labels to be supporting all three of the US based Recording Industry Association Of America, the UK based BPI and the globally focussed International Federation of The Phonographic Industry. As Terra Firma continues to dig around in EMI's books some interesting figures emerge - the company apparently spent £200,000 on fruit and flowers each year and £20,000 on candles per month. Terra Firma have said that they are close to raising £250million in equity funding by selling approximately 15% of the company and are projecting profits of £528m by 2012 from recorded music (up from £61m in 2007).