Briefly

Alaska sets goals for Premera plan

Alaska Insurance Commissioner Linda Hall has rejected Premera Blue Cross’s bid to become a for-profit company. But Hall’s decision, dated Sunday, set forth conditions that, if met, could allow the health insurer to pursue for-profit status.

On July 15, Washington state Insurance Commissioner Mike Kreidler also rejected Premera’s proposal, but, unlike Hall, included no conditions. The health insurer does business in both states. Premera has until Aug. 16 to appeal Kreidler’s decision in Washington superior court.

Premera’s board and management are evaluating the Alaska order and conditions. “We will act based on our determination of what is in the best interests of our members and other customers, and the company,” said Yori Milo, Premera executive vice president, in a statement.

Premera has 30 days to appeal the Alaska decision to superior court.

Chairman leaving Stewart company

New York Venture capitalist Jeffrey Ubben stepped down as chairman of Martha Stewart Living Omnimedia Inc., the company said Tuesday, ending his 14-month tenure as chairman in the wake of Stewart’s stock trading scandal.

The company has “weathered a most difficult period associated with Martha Stewart’s personal legal situation,” Ubben said in a news release, adding that he wanted to turn the chairmanship over to “someone who has the skills and, most importantly, sufficient time available to guide the board and the company forward from this point.”

Thomas Siekman, a lawyer and former Compaq Computer executive, was named as his successor.

Ubben, whose company, ValueAct Capital, is a primary investor in Martha Stewart Living Omnimedia, will remain on the board. Siekman has served on the MSO board since Aug. 1, 2003.

A source close to the matter told the Associated Press that the move was an attempt to move the company beyond Stewart’s legal woes to focus on growing the company’s media properties and improving its brand image. The board felt the timing was “natural” after Stewart’s sentencing earlier this month, the source said.

Search engines shaken by new virus

New York A new computer virus disrupted Google, Yahoo and other leading search engines Monday as it tried to spread itself by repeatedly performing automated queries for additional e-mail addresses.

Those simultaneous searches from thousands of infected computers worldwide taxed the search engines and slowed service for many legitimate Internet users.

The latest virus is a variant of MyDoom, which first appeared in January. The new incarnation came on the same day Google Inc. filed papers detailing its highly anticipated stock offering, estimating its market value to be as high as $36 billion.

Google spokesman Steve Langdon acknowledged that while the site was never crippled, performance was slow for a brief period, longer for “a small percentage of our users and networks.”

Lycos Inc.’s search engine also was affected. Spokeswoman Ana Sanchez said technicians were “putting in the blocks to filter out the undesirable traffic.”

Yahoo Inc. spokeswoman Stephanie Ichinose described the virus’s effect on the Yahoo and AltaVista search engines, both owned by Yahoo, as limited. She said Yahoo detected the queries early and took “the necessary steps to rectify the situation,” though she would not disclose details.

The major antivirus vendors have released software updates to block the latest virus and recommended that users keep their products current.

Oil futures near high of June 1

Washington Oil futures rose Tuesday to within pennies of the June 1 peak closing price of $42.33 a barrel as concerns about tight global supplies and strong demand weighed on the market.

Crude for September delivery rose as high as $42.25 early on, but the rally faded somewhat, with prices finishing the day at $41.84, up 40 cents, on the New York Mercantile Exchange.

The government’s weekly supply data is scheduled to be released today and analysts said that if gasoline consumption looks strong, oil prices could surge to new heights.

After promises of a supply boost from the Organization of Petroleum Exporting Countries, prices declined late last month to as low as $35.66. But nervousness about global supplies has since resurfaced.

Agency monitoring Toyota products

Detroit The federal government said Tuesday it was closing a safety investigation into the Toyota Camry, Camry Solara and Lexus ES300 but would continue to monitor the vehicles because of allegations they can surge ahead without warning.

The National Highway Traffic Safety Administration began investigating in March after receiving reports of 30 crashes due to a possible defect. At least one pedestrian was injured in one of the crashes. The investigation looked at vehicles from the 2002 and 2003 model years.

NHTSA said its investigation focused on whether electronic throttle control was causing the alleged surges. Vehicles with electronic throttle control send signals from the accelerator pedal to the engine electronically instead of mechanically.

Wheat farmer group director charged

Bismarck, N.D. The former director of two wheat farmer groups has been charged with stealing almost $113,000 from them to speculate on wheat prices in the commodity markets.

Lance Hagen, who has compared his attempts to profit from the often volatile price swings to a drug addiction, is accused of two counts of misapplication of entrusted property, said Richard Riha, the Burleigh County state’s attorney. Both charges are felonies, each carrying a maximum penalty of 10 years in prison and a $10,000 fine.

Hagen left his jobs as director of the North Dakota Grain Growers Association and the U.S. Durum Growers Association in April. Before he was dismissed, he admitted to taking the money from the groups’ accounts.

used to make pasta.