PUC approves sale of local cab company

The Public Utility Commission has approved the sale of Pittsburgh Transportation group -- owner of most of the area's cabs -- to Veolia Transportation. The Pittsburgh Transportation Group includes Yellow Cab, Checker Cab, Peoples Cab, Express Shuttle, Embassy Coach/Limousine Service, Star Paratransit, PTG Charter Services, and Freedom Coach. PTG had revenue in excess of $24 million in 2007, according to a release from the company. Veolia Transportation is a division of Veolia Transport Worldwide, itself a division of Veolia Environment, based in Paris.

Eckert Seamans brings W.Va. law firm into fold

Downtown law firm Eckert Seamans Cherin & Mellott announced yesterday that it was merging with Charleston, W.Va.-based Hendrickson & Long effective tomorrow. All 12 attorneys from Hendrickson & Long will join Eckert Seamans, which will maintain the Charleston office.

Mylan subsidiary wins FDA approval for HIV drug

Mylan Inc. yesterday announced that Matrix Laboratories Limited, its India-based subsidiary, received final approval from the U.S. Food and Drug Administration for Stavudine capsules, which are used for the treatment of HIV in combination with other antiretroviral agents. Stavudine capsules are the generic version of Bristol-Myers Squibb's Zerit capsules.

Home price index falls by record 18 percent

The Standard & Poor's/Case-Shiller 20-city housing index fell by a record 18 percent from October last year, the largest drop since its inception in 2000. Prices in the 20-city index have plummeted more than 23.4 percent from their peak in July 2006. Pittsburgh is not included in the index.

GMAC loosens credit to boost struggling sales

The financing arm of General Motors Corp., rescued by $5 billion in federal aid on Monday, plans to use some of the money to make cars and trucks more affordable to a larger pool of customers. Yesterday, GM said it would offer zero percent or low-interest financing for up top 60 month on some slower-selling 2008 and 2009 models as part of a year-end sales push -- a move made possible by the newly available cash at the financing arm.

Oil prices resume downward slide

Oil prices fell yesterday despite the armed conflict between Israel and Palestinian militants threatening the oil-rich Middle East. Light, sweet crude for February delivery fell 99 cents to $39.03 a barrel on the New York Mercantile Exchange in very light trading. Retail gasoline prices continued a descent toward $1.60 per gallon nationally as consumption by American motorists falls away.

Judge rules against WaMu in confidentiality request

A federal bankruptcy judge in Wilmington, Del., yesterday denied a request by Washington Mutual Inc. to keep details of certain asset sales secret. WaMu wants to sell certain equity holdings and interests in venture capital funds to generate value for the company and its creditors. The Seattle-based thrift was the biggest bank to collapse in U.S. history, with about $307 billion in assets.