The 10 biggest business stories on Tuesday November 10

Rugby World Cup helps boost ITV profits; China inflation slows again in October; National Grid to sell stake in gas distribution business

1. China’s inflation worsens. Consumer prices in China rose just 1.3 per cent in October compared to the same month last year, missing expectations for an increase of 1.5 per cent. It’s the slowest annual expansion since May and below the 1.6 per cent seen in September.

2. Greek inflation figures will be released at 10 am. Prices dropped 1.7 per cent in September.

3. Prime Minister David Cameron will send a letter to the President of the European Council Donald Tusk later today, setting out the four main objectives of Britain's EU negotiations.

4. UK power operator National Grid has kicked off a process for the potential sale of a majority stake in its gas distribution business.

5. The model railway company Hornby has admitted full year profits and revenues will be lower than expected. It's now expecting to report a pre-tax loss of about £2m for the full year, according to the BBC.

6. UK broadcaster ITV has reported a 7 per cent rise in revenues for the year to September to £1.5 billion, helped by the Rugby World Cup.

7. A Belgian court gave Facebook 48 hours to stop tracking internet users who haven’t signed up with the social network or risk fines of up to €250,000 a day.

8. Easyjet chief executive Carolyn McCall has warned that airport security must be tightened.

9. A Modigliani nude painting was sold to an unnamed Chinese buyer at Christie's for $170.4 million, on Monday, it’s the second-highest price ever for a work of art at auction.

10. SeaWorld will phase out its controversial killer-whale shows in its San Diego amusement park next year, the San Diego Union-Tribune reported.