Glencore turns setbacks into supremacy

Comment on this story


Glencore

Reuters.

The logo of Glencore is seen in front of the company's headquarters in the Swiss town of Baar.

Davos - The world's largest trading house Glencore is fast turning itself into a Russian oil trade leader from an outsider by mending fences in just one year with Rosneft, the Kremlin's national energy champion.

Through a $10 billion oil funding deal with state-controlled Rosneft, the Swiss-based firm that has been big in Russian coal, grains and aluminium for two decades is extending this grip to a sector where it played second fiddle to companies such as rival trader Vitol or Royal Dutch Shell.

“It shouldn't come as a surprise because Russia is one of the world's largest commodity producers and Glencore is the world's largest commodities trader,” a high level source close to the situation said.

However, the speed of Glencore's expansion in Russian oil exports has been extraordinary.

Just a few years ago, Glencore's biggest investment in Russian oil, through minority stakes in mid-sized firm Russneft, seemed at risk of expropriation while its attempts to cooperate with Rosneft had long been unsuccessful.

Glencore was the only major trader or oil company not allowed to participate in Rosneft's huge oil export tenders, unlike arch-rival Vitol and oil majors Shell and BP.

Russian industry sources said the failure was partly due to tensions between Rosneft Chairman Igor Sechin, a close ally of President Vladimir Putin, and tycoon Oleg Deripaska, who has links to Glencore through the aluminium trade.

Deripaska controls aluminium giant Rusal, in which Glencore has a minority stake.

All this changed when Sechin left the government in May to take over as chief executive of Rosneft, a job requiring deep involvement in operations, unlike his previous role as chairman.

Sechin began a new drive towards consolidation of Russia's oil industry by steering a $55 billion acquisition of rival TNK-BP from oil major BP and a group of Soviet-born billionaires.

At that point money became paramount.

“Rosneft was looking to finance the deal and Glencore has good relations with a large number of banks. The company was prepared to step up to the plate and quickly arrange pre-financing for Rosneft,” the high-level source said.

Both Glencore and Rosneft declined any official comment.

RIVALS IN TANDEM

Rosneft said in December Glencore and Vitol would raise $10 billion on its behalf from banks and take 67 million tonnes of Rosneft's oil exports for the next five years in return.

The arrangement will allow Rosneft to lighten the burden on its balance sheet as the money would be borrowed by the traders. The traders win the right to market 280,000 barrels per day (bpd) of Rosneft's exports.

These volumes will amount to around a tenth of seaborne exports from Russia, the world's largest oil producer.

The loan is unusual as Glencore and Vitol will borrow together, effectively working in tandem for the first time.

Industry and banking sources said this was done to avoid confusing the banks.

The split will be far from equal, however, as Glencore will line up much more backing from banks than that mustered by Vitol, which is co-owned by British businessman Ian Taylor, who built the firm into the world's largest oil trader.

Sources told Reuters that Glencore, co-owned by South African Ivan Glasenberg, will market 70 percent of the volumes under the Rosneft deal while Vitol will get 30 percent.

That marks a change from previous years when Vitol, alongside Shell and oil trader Gunvor, dominated the landscape.

“A year ago it would all have seemed impossible. But having seen Glencore's rise over the past year, I'm now pretty confident they will be around and play big for many years,” said a trader with a rival.

The Rosneft deal alone would represent just under a tenth of Glencore's global oil portfolio of 2.5 million bpd.

RUSSIAN OIL APPEAL TO RISE

The rise in Russian oil trading has confirmed Glencore as one of the industry's most resilient and combative companies.

Five years ago its fortunes in Russia looked shaky after its investment in Russneft was jeopardised when the oil company's founder Mikhail Gutseriyev fell out with the Kremlin.

Gutseriyev ultimately returned from exile but Glencore is still owed more than $1 billion by Russneft - a sum it will not recoup before 2017 under a restructuring deal.

Far from being deterred, Glencore sought a bigger role in Russia.

The turning point came in early 2012 when Russia opened the new Baltic export port of Ust-Luga near St Petersburg after multiple delays which made many other traders reluctant to rely on crude from the terminal.

Glencore committed to large volumes from Ust-Luga, including oil from Rosneft, despite the risk of delays.

“Since then they never looked back and only kept increasing volumes,” a Rosneft source said.

At one point in October last year Glencore was marketing more than 20 percent of the volumes that Russia exported from its Baltic ports, its biggest export route.

Traders at rivals say they do not understand how Glencore makes money on those exports as it pays premiums to Rosneft of as much as 70 cents per barrel, thought too much to recoup.

Glencore declined to comment on its trading strategy but it is clear the company is as bullish as ever on Russian oil.

Its boss Glasenberg said recently that Russia's government was likely to incentivise production in more inaccessible regions.

“As production from less accessible areas increases, so too will Russian oil's attractiveness as an investment proposition,” he said. - Reuters


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
Doeksa
I'm a 33 year old woman looking to meet men between the ages of 33 and 39.
View Profile
esk123
I'm a 36 year old woman looking to meet men between the ages of 37 and 45.
View Profile
Bosnimf007
I'm a 25 year old woman looking to meet men between the ages of 27 and 35.
View Profile
opsoek23
I'm a 23 year old woman looking to meet men between the ages of 25 and 34.
View Profile
LielaZ
I'm a 27 year old woman looking to meet men between the ages of 28 and 35.
View Profile
Unicorn17
I'm a 21 year old woman looking to meet men between the ages of 23 and 26.
View Profile
jinxie_007
I'm a 32 year old woman looking to meet men between the ages of 28 and 38.
View Profile
Judith78
I'm a 36 year old woman looking to meet men between the ages of 38 and 48.
View Profile
Artistixoxo
I'm a 23 year old woman looking to meet men between the ages of 23 and 28.
View Profile
0044MJM
I'm a 49 year old woman looking to meet men between the ages of 48 and 61.
View Profile
Butterfly_effect
I'm a 38 year old woman looking to meet men between the ages of 36 and 48.
View Profile
Angelwinz
I'm a 44 year old woman looking to meet men between the ages of 40 and 48.
View Profile
liefilyf
I'm a 42 year old woman looking to meet men between the ages of 38 and 48.
View Profile
GypseyTraveller
I'm a 54 year old woman looking to meet men between the ages of 50 and 58.
View Profile
Pinky340
I'm a 41 year old woman looking to meet men between the ages of 38 and 47.
View Profile
KW82
I'm a 32 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Smileawhile
I'm a 45 year old woman looking to meet men between the ages of 40 and 52.
View Profile
Mo1979
I'm a 35 year old woman looking to meet men between the ages of 29 and 43.
View Profile
mda01
I'm a 56 year old woman looking to meet men between the ages of 45 and 59.
View Profile
capenewbie
I'm a 33 year old woman looking to meet men between the ages of 25 and 45.
View Profile
Persephone101
I'm a 31 year old woman looking to meet men between the ages of 25 and 45.
View Profile
Chriz_1985
I'm a 29 year old woman looking to meet men between the ages of 18 and 100.
View Profile
miesies
I'm a 29 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Isabel_33
I'm a 34 year old woman looking to meet men between the ages of 33 and 42.
View Profile
Leigh1979
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
HenrietteF
I'm a 32 year old woman looking to meet men between the ages of 30 and 42.
View Profile
Smurfette
I'm a 36 year old woman looking to meet men between the ages of 25 and 45.
View Profile
TuffLove
I'm a 34 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Infin8
I'm a 36 year old woman looking to meet men between the ages of 35 and 42.
View Profile
Hopeful_dreamer
I'm a 37 year old woman looking to meet men between the ages of 33 and 45.
View Profile
Dollie81
I'm a 33 year old woman looking to meet men between the ages of 25 and 49.
View Profile
ContagiousLaughter
I'm a 41 year old woman looking to meet men between the ages of 36 and 44.
View Profile
Plattelandsenooi3
I'm a 32 year old woman looking to meet men between the ages of 33 and 45.
View Profile
optimistic_36
I'm a 37 year old woman looking to meet men between the ages of 32 and 46.
View Profile
Dee37
I'm a 38 year old woman looking to meet men between the ages of 38 and 45.
View Profile
Bluelily77
I'm a 37 year old woman looking to meet men between the ages of 34 and 50.
View Profile
jenjenk
I'm a 30 year old woman looking to meet men between the ages of 29 and 40.
View Profile
ShanJo
I'm a 35 year old woman looking to meet men between the ages of 30 and 42.
View Profile
JanieL
I'm a 24 year old woman looking to meet men between the ages of 25 and 32.
View Profile
nirina
I'm a 37 year old woman looking to meet men between the ages of 35 and 50.
View Profile
sonskyn27
I'm a 56 year old woman looking to meet men between the ages of 45 and 55.
View Profile
Jenny84
I'm a 30 year old woman looking to meet men between the ages of 33 and 40.
View Profile
KittyCat_69
I'm a 46 year old woman looking to meet men between the ages of 35 and 50.
View Profile
Kruie
I'm a 39 year old woman looking to meet men between the ages of 35 and 60.
View Profile
dragonfly86
I'm a 28 year old woman looking to meet men between the ages of 28 and 35.
View Profile
Vredelief
I'm a 26 year old woman looking to meet men between the ages of 25 and 34.
View Profile
AgentI
I'm a 39 year old woman looking to meet men between the ages of 35 and 45.
View Profile
sexyhair
I'm a 42 year old woman looking to meet men between the ages of 35 and 50.
View Profile
JillieB
I'm a 61 year old woman looking to meet men between the ages of 55 and 70.
View Profile
LJC777
I'm a 46 year old woman looking to meet men between the ages of 35 and 55.
View Profile
Angdt
I'm a 21 year old woman looking to meet men between the ages of 23 and 30.
View Profile
Maybe70
I'm a 44 year old woman looking to meet men between the ages of 40 and 50.
View Profile
Romantic_Gal
I'm a 40 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Bastet_11
I'm a 43 year old woman looking to meet men between the ages of 45 and 48.
View Profile
Moze008
I'm a 57 year old woman looking to meet men between the ages of 55 and 70.
View Profile
FoXyLaDy444
I'm a 56 year old woman looking to meet men between the ages of 50 and 65.
View Profile
FootballCrazy
I'm a 42 year old woman looking to meet men between the ages of 39 and 50.
View Profile
Dandelion
I'm a 46 year old woman looking to meet men between the ages of 40 and 55.
View Profile
Bebe1000
I'm a 53 year old woman looking to meet men between the ages of 49 and 57.
View Profile
Lady_101
I'm a 31 year old woman looking to meet men between the ages of 28 and 38.
View Profile
Lissa25
I'm a 25 year old woman looking to meet men between the ages of 25 and 31.
View Profile
Is_jy_opreg
I'm a 49 year old woman looking to meet men between the ages of 50 and 55.
View Profile
LimitlessSoul
I'm a 45 year old woman looking to meet men between the ages of 40 and 50.
View Profile
Minky3001
I'm a 30 year old woman looking to meet men between the ages of 32 and 40.
View Profile
PowerPrincess
I'm a 41 year old woman looking to meet men between the ages of 38 and 47.
View Profile
jamielief
I'm a 21 year old woman looking to meet men between the ages of 25 and 32.
View Profile
SheBear
I'm a 46 year old woman looking to meet men between the ages of 45 and 51.
View Profile
Sale_0084
I'm a 58 year old woman looking to meet men between the ages of 55 and 65.
View Profile
Tasja_226
I'm a 37 year old woman looking to meet men between the ages of 37 and 45.
View Profile
CTBLONDE
I'm a 38 year old woman looking to meet men and women between the ages of 40 and 50.
View Profile
SA04
I'm a 47 year old woman looking to meet men between the ages of 40 and 60.
View Profile
Vuurvliegie1974
I'm a 40 year old woman looking to meet men between the ages of 39 and 47.
View Profile
Lala8610
I'm a 28 year old woman looking to meet men between the ages of 27 and 32.
View Profile
Optimistic2014
I'm a 46 year old woman looking to meet men between the ages of 45 and 55.
View Profile
Lesel
I'm a 46 year old woman looking to meet men between the ages of 45 and 55.
View Profile
Crispy990
I'm a 24 year old woman looking to meet men between the ages of 24 and 35.
View Profile
Kay_722
I'm a 29 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Warmsmilewarmheart
I'm a 47 year old woman looking to meet men between the ages of 45 and 55.
View Profile
sweets1987
I'm a 27 year old woman looking to meet men between the ages of 32 and 42.
View Profile
Bienkie01
I'm a 35 year old woman looking to meet men between the ages of 34 and 48.
View Profile
EMT2014
I'm a 30 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Biancs_79
I'm a 35 year old woman looking to meet men between the ages of 25 and 35.
View Profile
Rarefind
I'm a 54 year old woman looking to meet men between the ages of 52 and 63.
View Profile
Mickey101
I'm a 25 year old woman looking to meet men between the ages of 25 and 30.
View Profile
Gemima
I'm a 38 year old woman looking to meet men between the ages of 40 and 50.
View Profile
Okidoki_63
I'm a 51 year old woman looking to meet men between the ages of 45 and 60.
View Profile
Denie_28
I'm a 50 year old woman looking to meet men between the ages of 45 and 53.
View Profile
Fire_and_Ice81
I'm a 33 year old woman looking to meet men between the ages of 25 and 45.
View Profile
kosmoskatinka
I'm a 38 year old woman looking to meet men between the ages of 40 and 50.
View Profile
Apple_853
I'm a 35 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Kelbels0201
I'm a 34 year old woman looking to meet men between the ages of 35 and 42.
View Profile
FaiRy9
I'm a 26 year old woman looking to meet men between the ages of 27 and 36.
View Profile
your_wildest_dreams
I'm a 36 year old woman looking to meet men between the ages of 40 and 55.
View Profile
Bluebell531
I'm a 46 year old woman looking to meet men between the ages of 40 and 60.
View Profile
Girlonabike
I'm a 37 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Authenticity1425
I'm a 39 year old woman looking to meet men between the ages of 34 and 47.
View Profile
MissCurious_M
I'm a 28 year old woman looking to meet men between the ages of 25 and 45.
View Profile
siavolstrooi
I'm a 54 year old woman looking to meet men between the ages of 50 and 55.
View Profile
MissMoneypenny_13
I'm a 28 year old woman looking to meet men between the ages of 30 and 42.
View Profile
Cathwhite
I'm a 29 year old woman looking to meet men between the ages of 25 and 45.
View Profile
KTM1190A
I'm a 59 year old man looking to meet women between the ages of 50 and 58.
View Profile
Gambino_Family
I'm a 59 year old man looking to meet women between the ages of 42 and 70.
View Profile
richy10
I'm a 57 year old man looking to meet women between the ages of 49 and 70.
View Profile
Pat321
I'm a 49 year old man looking to meet women between the ages of 38 and 48.
View Profile
plodof
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
Ironstein06
I'm a 36 year old man looking to meet women between the ages of 25 and 37.
View Profile
Bruce_308
I'm a 47 year old man looking to meet women between the ages of 41 and 70.
View Profile
Stand64
I'm a 50 year old man looking to meet women between the ages of 36 and 55.
View Profile
matiekat
I'm a 66 year old man looking to meet women between the ages of 50 and 100.
View Profile
TLS11
I'm a 53 year old man looking to meet women between the ages of 40 and 60.
View Profile
Fred58
I'm a 56 year old man looking to meet women between the ages of 18 and 100.
View Profile
CL4ptp
I'm a 28 year old man looking to meet women between the ages of 22 and 28.
View Profile
FamilyMan72
I'm a 42 year old man looking to meet women between the ages of 30 and 43.
View Profile
dinnerfortwo
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
DaveB_791
I'm a 49 year old man looking to meet women between the ages of 35 and 45.
View Profile
Firefox_771
I'm a 63 year old man looking to meet women between the ages of 42 and 56.
View Profile
Yvard
I'm a 46 year old man looking to meet women between the ages of 30 and 44.
View Profile
dddmelw
I'm a 56 year old man looking to meet women between the ages of 45 and 58.
View Profile
cccdovy
I'm a 56 year old man looking to meet women between the ages of 48 and 56.
View Profile
Lastgreatwhite
I'm a 56 year old man looking to meet women between the ages of 40 and 50.
View Profile
SingleNSearching60
I'm a 60 year old man looking to meet women between the ages of 55 and 70.
View Profile
CosmicHero
I'm a 54 year old man looking to meet women between the ages of 40 and 53.
View Profile
Guardian_24
I'm a 41 year old man looking to meet women between the ages of 37 and 43.
View Profile
Natural123
I'm a 52 year old man looking to meet women between the ages of 35 and 45.
View Profile
kannieworrynie
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
Lonomor
I'm a 46 year old man looking to meet women between the ages of 25 and 35.
View Profile
Kitchenslave
I'm a 52 year old man looking to meet women between the ages of 35 and 50.
View Profile
lvebird53
I'm a 54 year old man looking to meet women between the ages of 50 and 65.
View Profile
Zest4Life021
I'm a 75 year old man looking to meet women between the ages of 48 and 60.
View Profile
JPretoria
I'm a 38 year old man looking to meet women between the ages of 28 and 40.
View Profile
Alachison
I'm a 46 year old man looking to meet women between the ages of 30 and 45.
View Profile
karooboertjie15
I'm a 40 year old man looking to meet women between the ages of 25 and 40.
View Profile
JustCallMeBwana
I'm a 47 year old man looking to meet women between the ages of 28 and 45.
View Profile
breeze001
I'm a 49 year old man looking to meet women between the ages of 40 and 55.
View Profile
Elem_ce
I'm a 35 year old man looking to meet women between the ages of 25 and 35.
View Profile
LEANMAN
I'm a 39 year old man looking to meet women between the ages of 25 and 39.
View Profile
jacuwig
I'm a 25 year old man looking to meet women between the ages of 20 and 25.
View Profile
Smartboy_102
I'm a 60 year old man looking to meet women between the ages of 47 and 57.
View Profile
LovingSerenity
I'm a 38 year old man looking to meet women between the ages of 24 and 45.
View Profile
tommy351
I'm a 61 year old man looking to meet women between the ages of 48 and 59.
View Profile
Lockstep
I'm a 50 year old man looking to meet women between the ages of 35 and 49.
View Profile
Dn212
I'm a 51 year old man looking to meet women between the ages of 45 and 60.
View Profile
freddic1
I'm a 52 year old man looking to meet women between the ages of 47 and 55.
View Profile
zachki
I'm a 47 year old man looking to meet women between the ages of 37 and 55.
View Profile
TheRealMrRight
I'm a 43 year old man looking to meet women between the ages of 28 and 42.
View Profile
Propriety
I'm a 56 year old man looking to meet women between the ages of 35 and 45.
View Profile
reinor
I'm a 58 year old man looking to meet women between the ages of 45 and 61.
View Profile
daniel101
I'm a 44 year old man looking to meet women between the ages of 32 and 38.
View Profile
Stdave
I'm a 38 year old man looking to meet women between the ages of 28 and 42.
View Profile
Ons2alleen
I'm a 30 year old man looking to meet women between the ages of 24 and 29.
View Profile
CreativeExplorer
I'm a 50 year old man looking to meet women between the ages of 18 and 100.
View Profile
Marius_P
I'm a 40 year old man looking to meet women between the ages of 30 and 55.
View Profile
goldenhat
I'm a 52 year old man looking to meet women between the ages of 36 and 66.
View Profile
Andy_Leo
I'm a 46 year old man looking to meet women between the ages of 25 and 45.
View Profile
Denali
I'm a 45 year old man looking to meet women between the ages of 25 and 40.
View Profile
DutchDelight_
I'm a 45 year old man looking to meet women between the ages of 30 and 46.
View Profile
cornrlius205
I'm a 46 year old man looking to meet women between the ages of 25 and 50.
View Profile
naughty_sporty
I'm a 41 year old man looking to meet women between the ages of 35 and 45.
View Profile
Chas008
I'm a 57 year old man looking to meet women between the ages of 40 and 50.
View Profile
5star
I'm a 57 year old man looking to meet women between the ages of 40 and 55.
View Profile
stumpjumper
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
gavinzn
I'm a 57 year old man looking to meet women between the ages of 50 and 57.
View Profile
jsetrader
I'm a 58 year old man looking to meet women between the ages of 30 and 45.
View Profile
henisright
I'm a 50 year old man looking to meet women between the ages of 37 and 53.
View Profile
pieterl
I'm a 59 year old man looking to meet women between the ages of 45 and 62.
View Profile
ekke_706
I'm a 50 year old man looking to meet women between the ages of 40 and 55.
View Profile
cloudhopper
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
MLACOME0147
I'm a 55 year old man looking to meet women between the ages of 49 and 79.
View Profile
captainkid
I'm a 55 year old man looking to meet women between the ages of 47 and 56.
View Profile
Coolfun
I'm a 52 year old man looking to meet men between the ages of 35 and 55.
View Profile
OohCharles
I'm a 53 year old man looking to meet women between the ages of 25 and 45.
View Profile
6s6s6s
I'm a 43 year old man looking to meet women between the ages of 25 and 45.
View Profile
funsunsea0007
I'm a 58 year old man looking to meet women between the ages of 45 and 58.
View Profile
rjscm
I'm a 48 year old man looking to meet women between the ages of 30 and 45.
View Profile
koolstoof55
I'm a 59 year old man looking to meet women between the ages of 45 and 63.
View Profile
Natureboykie
I'm a 60 year old man looking to meet women between the ages of 43 and 64.
View Profile
Banker009
I'm a 56 year old man looking to meet women between the ages of 34 and 46.
View Profile
versl_550
I'm a 55 year old man looking to meet women between the ages of 45 and 60.
View Profile
wiedahunk
I'm a 57 year old man looking to meet women between the ages of 50 and 70.
View Profile
pinsnow
I'm a 55 year old man looking to meet women between the ages of 45 and 65.
View Profile
Brend86
I'm a 28 year old man looking to meet women between the ages of 24 and 32.
View Profile
Agent_K1
I'm a 46 year old man looking to meet women between the ages of 38 and 40.
View Profile
Wnd_112
I'm a 38 year old man looking to meet women between the ages of 28 and 37.
View Profile
brightday111
I'm a 55 year old man looking to meet women between the ages of 48 and 59.
View Profile
BossMorne
I'm a 43 year old man looking to meet women between the ages of 25 and 45.
View Profile
willing_915
I'm a 54 year old man looking to meet women between the ages of 55 and 70.
View Profile
VirgoMan1970
I'm a 44 year old man looking to meet women between the ages of 30 and 50.
View Profile
Jericho2010
I'm a 41 year old man looking to meet women between the ages of 25 and 49.
View Profile
HappyEnding
I'm a 49 year old man looking to meet women between the ages of 36 and 45.
View Profile
Suidwester27
I'm a 53 year old man looking to meet women between the ages of 35 and 50.
View Profile
ClassicRocker
I'm a 52 year old man looking to meet women between the ages of 42 and 52.
View Profile
TheDuke_99
I'm a 36 year old man looking to meet women between the ages of 28 and 42.
View Profile
cknneth111
I'm a 46 year old man looking to meet women between the ages of 41 and 70.
View Profile
ScottRanger1987
I'm a 27 year old man looking to meet women between the ages of 18 and 30.
View Profile
Kiwiana
I'm a 39 year old man looking to meet women between the ages of 25 and 39.
View Profile
Officer_Gentleman
I'm a 46 year old man looking to meet women between the ages of 35 and 48.
View Profile
gentlebutcrazy
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile

Business Directory