In brief: LA Times publisher to buy San Diego paper

SAN DIEGO – San Diego’s dominant newspaper reports that the publisher of the Los Angeles Times has agreed to buy it for $85 million.

U-T San Diego reported Thursday that Tribune Publishing will keep the San Diego newspaper as a separate brand but it would share stories, photos and other content with the Times.

Douglas Manchester, who bought the San Diego newspaper in 2011 for about $110 million, will remain owner of the U-T’s headquarters in the city’s Mission Valley area. He is seeking permission to build 200 luxury apartments there.

U-T San Diego says the deal is expected to be completed before June 30.

Oil in derailment was treated to cut volatility

BISMARCK, N.D. – A shipment of oil involved in an explosive train derailment in North Dakota had been treated to reduce its volatility – a move that state officials suggested could have reduced the severity of the accident but won’t prevent others from occurring.

Hess Corp. spokesman John Roper said the oil complied with a state order requiring propane, butane and other volatile gases to be stripped out of crude before it’s transported. That conditioning process lowers the vapor pressure of the oil, reducing the chances of an explosive ignition in a crash.

Despite the treatment of the crude in Wednesday’s accident, six cars carrying a combined 180,000 gallons of oil caught fire in the derailment 2 miles from the town of Heimdal in central North Dakota. No injuries were reported.

Roper said the Hess shipment was “fully compliant with North Dakota’s crude conditioning order.” It was tested immediately prior to loading onto a BNSF Railway train in Tioga, North Dakota, and had a vapor pressure of 10.8 pounds per square inch – compared to the 13.7 pounds per square inch maximum under the state standard.

Alibaba revenue surges; hiring freeze in works

NEW YORK – Chinese e-commerce powerhouse Alibaba Group’s revenue jumped 45 percent on strong mobile growth and more active buyers in the fiscal fourth quarter ending in March.

The company also on Thursday named a new CEO and said it planned a hiring freeze for the fiscal year.

Sales beat expectations, and the company’s shares rose 7.5 percent in premarket trading.

Alibaba went public in September to much fanfare as investors sought to tap into the rapidly growing Chinese middle-class consumer class. Its e-commerce platforms including Taobao and Tmall make up 80 percent of Chinese e-commerce.

Shares ended the day 7.5 percent higher at $86. The stock is down about 23 percent since the beginning of the year.