Markets: Down

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The Independent Online
EMI, the world's third-largest recorded music company, said first- half profit from operations fell 22 per cent to pounds 39.8m as recession in parts of Asia and a slumping economy in Brazil hit sales. The shares fell 10 per cent last week.

EMI, whose recording artists include Garth Brooks, Janet Jackson and the Beastie Boys, has been seeking partners. Speculation has centred on Rupert Murdoch's News Corp. and Germany's Bertelsmann, which last week denied plans for a merger.

EMI's results follow a number of high-level departures and it now says it is seeking a new chairman or CEO, with curr- ent chairman Sir Colin Southgate possibly becoming non-executive chairman.