The 10 biggest business stories on Tuesday November 24

Jack Ma of Alibaba is in talks to buy Hong Kong newspaper; Rolls-Royce is planning a major restructuring; Rugby and music fans lose more than £1.2m to ticket fraud in six months

Trouble in the engine room. ‘It’s totally unacceptable for a world-class business,’ said the company’s new chief after yet another profit downgrade (EPA)

1. British engineering company Rolls-Royce said it would launch a major restructuring programme as its new chief executive Warren East gave further details of his plans to turn around the company.

2. Cineworld says the fourth quarter has started strongly, thanks to the latest Bond movie, Spectre. Two more big movies are on the way before the end of the year: the latest Hunger Games film and Star Wars: The Force Awakens. For the first half of the year Cineworld reported an 11.9 per cent rise in revenue.

3. Nestle, among the biggest food companies in the world, admits to labour abuse practices by its Thai seafood suppliers.

4. British finance minister George Osborne will have to borrow £5 billion more this financial year than he planned in July, according to a Reuters poll conducted before a budget statement he is due to deliver on Wednesday.

5. Deliveroo, the app which delivers meals from restaurants to your door, has raised $100million (£66million) to fund further expansion.

6. US politicians including Hillary Clinton have “lined up” against the deal between US-based Pfizer and botox-maker Allergan, according to the Financial Times. Pfizer can save at least $21 billion in future tax bills by moving the combined group to Ireland, the FT reports.

7. Floods, storms, heatwaves, and droughts are costing the world up to $300 billion (£1.98 billion) each year, according to a new United Nations report.

8. Jaguar Land Rover warned of lower annual profits. The luxury British carmaker said its full-year pre-tax profit will not match last year’s £2.6 billion ($3.9 billion), due to large investments in UK engine manufacturing and a blast in China that destroyed thousands of its vehicles.

9. Music and sports fans have lost more than £1.2 million to ticket fraud in the last six months, police figures have revealed. Nearly 3,000 cases were reported between May and October, with the Rugby World Cup, Ed Sheeran and Taylor Swift particular targets, said Action Fraud, the BBC reports.

10. Alibaba founder Jack Ma is said to be in discussions to acquire the Hong Kong-based South China Morning Post. Ma is following the steps of other billionaire tech mogul Jeff Bezos, the Amazon founder acquired The Washington Post for $250 million in 2013.