Toshiba Corp said on Monday that it would make steam turbine airfoils in Japan and in Mexico in two joint ventures with General Electric Co(GE). Production at both companies will start in the second quarter of 1999, Toshiba said in a statement. The Japan joint venture is capitalised at about 900 million yen, and is 51 per cent owned by Toshiba and 49 per cent owned by GE, the statement said. The Mexican joint venture, whose capitalisation was not disclosed, is 66 per cent owned by GE and 34 per cent owned by Toshiba, it said.

Toyota mulls afforestation unit in Australia: Toyota Motor Corp said on Monday it would start an afforestation business in Australia with Mitsui & Co Ltd to sell products to Nippon Paper Industries Co Ltd. Toyota and Mitsui will form a new company, Australian Afforestation Pty Ltd, in Melbourne on August 3, it said. The new company will be capitalised at Australia $250,000,owned 90 per cent by Toyota, seven per cent by Mitsui andthree per cent by Mitsui & Co (Australia) Ltd, it said. The new company will plant trees to be harvested for pulp and paper, Toyota said. The company will plant about 500 hectares of eucalyptus trees in Australia per year for a total of 5,000 hectares over 10 years, it said.

AT&T to sell paging unit: AT&T Corp is selling its electronic paging business to Metrocall Inc., an Alexandria, Virginia-based paging giant, for $205 million in stock and cash, the Washington Post reported in its Monday editions, citing unnamed company sources. The move would mark AT&T's exit from the paging business, freeing the company to focus its wireless activities on its more profitable cellular telephone business. "It also would help, albeit in a small way, to provide the company with some of the cash it needs to complete its proposed purchase of Tele-Communications Inc.," the paper said. The deal would be the latest in a string of acquisitions for fast-growing Metrocall.

Proton sees lower profits: Malaysian carmaker Perusahaan Otomobil Nasional Bhd (Proton) said on Monday it is likely to see a further reduction in profits in the current financial year due to harsh economic conditions. "That also will be affected, there will be a slight decrease. Under these conditions the results will also be affected," group director Maznah Jalil told reporters after attending an official function. On Friday Proton reported a 41 per cent fall in net earnings for the year to March 31, 1998 from 741.47 the previous year.

Petronas says no Opec request to cut output: Malaysia's National oil company Petroliam Nasional Bhd (Petronas) said on Monday there was no request yet from the Organisation of Petroleum Exporting Countries (OPEC) to cut crude production.

Lyonnais shrugs off report: Credit Lyonnais on Monday dismissed as "groundless" a report in a German newspaper which said Dresdner Bank was in talks about buying a stake in the French state-controlled bank. "It's a rumour -- one of the rumours that circulate andwhich will circulate," a Credit Lyonnais spokesman said in response to a query following the report in the German daily Frankfurter Allgemeine. In Germany, Dresdner could not be reached immediately for comment on the report, which was based on unnamed Financial sources in Paris. German insurer Allianz AG, which has a stake of about 20 per cent in Dresdner, has said it could take up to 10 percent of Credit Lyonnais, which the French government plans to privatise in return for European Commission approval of state aid to the French bank.

GM stir talks end without progress: General Motors Corp and the United Auto Workers Union talked sporadically over the weekend but showed no signs of progress toward ending two strikes that have shut down the automaker's North American operations. Bargainers at two separate UAW locals in Flint, Michigan,met for 3 to 4 hours each on Saturday and Sunday before recessing with plans to start up again Monday, Union officials said. A total of 9,200 UAW members walked off thejob at two keyparts plants in disputes over health and safety conditions, plant investment, work rules and GM plans to shift work to outside suppliers. GM said Friday 162,600 workers have been laid off.