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Boeing has called it Airbus' "Day of Reckoning."

The WTO isn't sparing in its criticism of Airbus in its ruling on EU subsidies for the plane maker. There have been earlier rulings - and the WTO says Airbus ignored all but two out of 36 of them. They concerned billions of dollars of European government loans to Airbus stretching back decades.

And the WTO agrees with Boeing that the loans were a "genuine and substantial" cause of significant lost sales for the American company.

Airbus had always argued that its latest jet, the A350, fell outside the case. The WTO though insisted that the "Super Jumbo" had been subsidised. The only crumb of comfort for Airbus is that the subsidies are not "prohibited" aid, that is subsidies specifically designed to directly affect trade. 

The WTO is yet to rule on a similar EU complaint that Boeing benefits from billions of dollars in tax breaks.

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The World Trade Organisation has said the European Union failed to rein in billions of dollars in subsidies to the European planemaker Airbus. In response, US authorities in Washington say the subsidies have hit US jobs and are now calling for an immediate halt to the EU's support. 

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The Rail Delivery Group, which represents train operators and Network Rail, is having no truck with the 14-day strike action planned by the RMT union at Southern Railway in the long-running dispute over the role of conductors.

Paul Plummer, chief executive of the Rail Delivery Group said: "More strikes will only cause more misery for thousands of passengers. 

"We know that there are no risks to jobs or pay, and drivers have been opening and closing train doors safely elsewhere on the railway for decades. 

"The proposed changes would mean a better on-board service for customers and less disruption to services when problems occur. The rail industry must modernise to deliver the better service today's customers expect and deserve." 

The chairman of the European People's Party group on the UK's plans to leave the EU.

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The Petrobras scandal in Brazil has claimed another scalp. Federal Police have said the country's former Finance Minister Guido Mantega has been arrested in the investigation into alleged overpricing in the construction of oil platforms at state-run oil giant Petrobras.

Jose Roberto Batochio, Mantega's attorney, said his client was arrested at a hospital in Sao Paulo where he had gone to accompany his wife while she underwent surgery. Investigators also searched his house. 

Federal police said corruption, fraud, criminal association and money laundering were being investigated in the case, but did not specify which crimes could apply to Mr Mantega. A news conference later today may shed more light on the what he is accused of.

Wall Street stock markets joined the global rally after yesterday's decision by the Federal Reserve to hold interest rates.

The tech-rich Nasdaq hit an intra-day record at the open, advancing 0.6% to 5,329.04.

The Dow Jones rose to 18,422.59, up 0.7%, and the S&P 500 gained 0.7% to 2,177.84.

The rises followed gains overnight in Asia, and on European stock markets. 

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More cost cutting by the big oil companies. Total is the latest - it says it will cut annual investment to $15-17bn from next year instead of previous plans for $17-19bn. It originally said it would cut $3bn off operating costs by 2018. That figure is now $4bn. Chief executive Patrick Pouyanne said earlier this year that the entire industry was facing "quite a crisis". In case you've missed it, oil prices are some 70% lower than in 2014.

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What would life be like if you could only use central banker speak? 

A New York brokerage, Convergex, has imagined such an existence using the US Federal Reserve's statement on interest rates from yesterday. 

For example, your boss asks when you will be finished with an overdue project? Your answer: “In light of the current shortfall of the timing of that project versus its completion, I will carefully monitor actual and expected progress to my goal.”

Or what if your partner asks where you want to go on “Date night”. Your response: “That depends on my outlook for both the weather and my mood, as informed by incoming data.”

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Brexit seems to have left manufacturers unscathed if the latest CBI Industrial Trends Survey is anything to go by. In the three months to September output barely wobbled, and looking ahead to the next three months, manufacturers' output expectations have doubled to a three-month high. The reason - the weaker pound is boosting demand for British products. 

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The FTSE 100 is on a tear - it's up 1.3% so far today after posting gains throughout the week. The latest spur comes from the Federal Reserve's decision to keep US interest rates the same.

“This week is proving to be all about central banks. Yesterday’s Fed decision has weakened the dollar, in turn boosting dollar denominated commodity prices and flooding the top of the FTSE 100 with miners," says Nicholas Hyett at Hargreaves Lansdown.

BHP Billiton, Glencore and Fresnillo are all up more than 4%, with Rio Tinto and Randgold Resources finishing off the blue chip index's top 5.

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A member of the Bank of England's interest rate committee says she doesn't think a further rate cut from the current historic low is needed yet.

Kristin Forbes says she is "not yet convinced that additional monetary easing will be necessary to support the economy".

In a speech on 'Global economic tsunamis', she adds: "For now... the economy is experiencing some chop, but no tsunami. The adverse winds could quickly pick up – and merit a stronger policy response. But recently they have shifted to a more favourable direction."

The Bank will make its next interest rate decision in early November.

Image source, James Brounger

More cracking suggestions for the best business name puns.

• The Plaice to Be - unsurprisingly a fish and chip shop 
• The Dog's Frolics - a pet care business in Dorset
• Surelock Homes - move over Benedict Cumberbatch
• Jason Donervan - surely le pièce de résistance  

Remember, this was inspired by Fishing Republic's takeover of Fantackletastic. 

Thanks for all these - it's really livened up the morning. If you have more, send them in to bizlivepage@bbc.co.uk.

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Most unusual fact we've learnt today? Lloyd's of London has recently insured the tastebuds of a Cadbury's chocolate taster.

The taster has to be careful about eating hot and spicy foods in case it damages their tongue, Lloyd's boss Inga Beale told the BBC.

That means avoiding hot curries, although probably worth it, we reckon, to sample the latest chocolate inventions.

A survey suggests that small and medium-sized businesses are at their most pessimistic since the height of austerity four years ago.

In a survey of 1,035 small firms, pessimistic business owners outnumbered confident ones for the first time since 2012. 

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The European Union has been urged to take the lead in efforts to expose those who profit from businesses with secretive links to the world's biggest tax havens.

It comes as criticism mounts of a former top EU official, Neelie Kroes, who is caught up in a wide-ranging document leak from the Bahamas. 

The documents reveal how the former competition commissioner failed to disclose her interest in an offshore company while she was in office. 

Ms Kroes' lawyer said her declaration of interests were made in good faith.

Amid the pressure on the commission, its head of economics and finance, Pierre Moscovici, has issued this statement...

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Membership of occupational pension schemes soared by 10% to 33.5 million in 2015, the highest on record, according to the Office for National Statistics (ONS), external.

The average contribution to company pension schemes was unchanged at 4%.

The pensions industry is going through a number of changes, after the former Chancellor George Osborne removed a requirement for those retiring to buy an annuity.