The machinery, which provides an understanding of the chemical make-up of proteins, promises faster and higher-quality information than existing spectrometers. Oxford Glyco also announced it will collaborate with Packard Bioscience, also of the US, to develop protein biochips - used in diagnostic technology.Oxford's shares slipped 15p to £20.45.. Fashion and furnishing group Laura Ashley today showed it had pulled itself back into profit and shaken off the tough high street environment with better clothing sales. Fashion and furnishing group Laura Ashley today showed it had pulled itself back into profit and shaken off the tough high street environment with better clothing sales. The group posted a pre-tax profit for the 26 weeks to July 29 of £1.7 million against a loss last time of £7 million.Chief financial officer Jim Bellingham said it was the first time the company had made a profit for three years.Last year's figures were hit by losses at its North American retail business, which it sold in July last year.Mr Bellingham said this year's improvement was also due to selling more clothes at full price, while the group had also successfully extended its range."But the star as far as we are concerned is home furnishing, due to extending the range to include all aspects of decorating and furnishings," he added."The other major development is to continue to refit and refurbish our stores.". This month's decision to leave interest rates untouched divided sharply the Bank of England's economic experts, it was revealed today. This month's decision to leave interest rates untouched divided sharply the Bank of England's economic experts, it was revealed today. Minutes of the Bank's Monetary Policy Committee meeting two weeks ago show that, for the second month in succession, members decided by just one vote to keep the official cost of borrowing at 6 per cent.Four members wanted to raise rates by a quarter point, to head off rising inflationary pressures. The majority, led by bank governor Sir Eddie George, took the view that the risks of holding rates were "not great".The committee noted that rising oil prices could affect inflation in the short term but said it was questionable whether rates should be raised to counter any pick-up in inflation due solely to higher fuel costs.The minutes say: "In the longer term the oil price might fall back in line with market expectations, and if it did not it would tend to dampen domestic demand both here and abroad.".

Redbus Interhouse, a technology company which provides internet and communication groups with access to voice and data networks, yesterday announced an £82m rights issue to help fund its European expansion plans. Redbus Interhouse, a technology company which provides internet and communication groups with access to voice and data networks, yesterday announced an £82m rights issue to help fund its European expansion plans. Redbus shares closed up 6.35 per cent at 310p after the group said it was offering 30 million shares priced at 280p to existing investors and institutions. The stock has almost doubled in value since May on excitement about the company's prospects.John Porter, Redbus's executive chairman, said: "We now have all the money we need to roll out our high specification network in Europe." He said the group hoped to have a total of at least 21 broadband internet centres in operation by the end of 2001.Mr Porter is the son of Dame Shirley Porter. He was involved in the development of Demon, the internet service provider, before it was sold to Scottish Telecom for £66m in 1998.The company has one site in London and another in Paris and is targeting future openings in Milan, Madrid, Frankfurt, Prague and Luxembourg.

The web hosting market is forecast to expand from $4bn (£2.84bn) in 2000 to more than $16bn by 2004.Under the terms of the rights issue, existing shareholders will be offered one share at 280p for every four shares held, though some major investors are expected to allow their entitlements to be taken up by institutions.Redbus also reported an operating loss before goodwill amortisation of £1.33m on sales of £391,000 for the three months ended 30 June.. The value of Smiths Industries' all-share offer for the rival engineer TI Group continued to slide yesterday as investors expressed growing doubts about the £4bn merger. The value of Smiths Industries' all-share offer for the rival engineer TI Group continued to slide yesterday as investors expressed growing doubts about the £4bn merger. Smiths shares fell another 4 per cent, wiping a further £80m from its offer and taking the decline in its share price to 16 per cent over the last two days. More than £400m has been wiped from Smiths' market capitalisation since Monday.Despite the launch of a charm offensive in the City by the company's chief executive, Keith Butler-Wheelhouse, to persuade investors of the merits of the deal, two more broking houses issued downgrades.Based on last night's closing prices, the offer of 0.46 of a Smiths share for every TI share, values TI at £1.63bn compared with £1.94bn when the deal was first announced.Smiths is also promising TI shareholders a 12p special interim dividend and a payout worth between 20p and 65p following the disposal of its automotive business.TI shares closed at 356.5p last night compared with the see-through value of the Smiths offer of 324p, excluding the dividend payment and payout from the automotive sale. Smiths shares closed at 703p, down 132p in two days.One institutional investor questioned the point of the merger for Smiths shareholders. He also expressed surprise that Sir Christopher Lewinton, the TI chairman, would remain as non-executive chairman of the combined group. Sir Christopher, who has led TI for 14 years, had been expected to step down altogether, after in effect putting TI up for auction by announcing plans to dispose of its automotive business last week.The latest downgrades, from Dresdner Kleinwort Benson and Lehman Brothers, follow one from Merrill Lynch on Monday which said the deal had "little fundamental appeal".Cutting its rating on Smiths to neutral from buy, Lehman's said the merger marked a reversal of previous strategy and could dilute its growth prospects and quality of earnings.

Dresdner cut its Smiths recommendation from hold to reduce.The merger would create an enlarged grouping with sales of £3bn spanning aerospace, medical equipment and sealing systems. But Smiths said the deal would produce only £25m in cost savings and fewer than 100 job losses, prompting criticism that it has embarked on a strategy of size for size's sake.So far Smiths has failed to spell out the benefits in revenue terms from the combination of its aerospace business with TI's Dowty division, a move which Mr Butler-Wheelhouse says will open up new markets in civil aviation for Smiths.. Tesco, Britain's largest supermarket group, saw its shares surge to an all-time high yesterday on the back of a strong rise in first-half profits backed by continued growth in underlying sales and market share. Tesco, Britain's largest supermarket group, saw its shares surge to an all-time high yesterday on the back of a strong rise in first-half profits backed by continued growth in underlying sales and market share. The shares jumped 8 per cent to 234.75p as the City warmed to the group's strategy of using its strong UK base as a platform for an expanding non-food business and a growing overseas presence. Tesco plans to have 45 per cent of its sales space overseas by 2002 though the international operations have yet to contribute significantly to profits.Terry Leahy, Tesco's chief executive, said Tesco was entering a new phase. "Tesco is moving from being a domestic player to being an international retailer of real scale giving us a strong position in the league of major international retailer," he said.Mike Dennis, food retail analyst at SG Securities, placed a 280p target on the shares, saying: "Tesco is growing internationally with a secure UK cash flow. The shares deserve a re-rating."Other analysts were less certain.