Business travel represents a substantial force in the global economy. Just before the Covid-19 pandemic hit, it contributed to more than USD 1.2 trillion, about 25 percent of the travel and tourism sector’s overall economic impact, to the global GDP. Businesses had resumed spending on travel after substantial declines in 2008 and 2009.
A research by Global Business Travel Association Foundation had found that for every one percent change in business travel spending, the US economy typically gains or loses 74,000 jobs, USD 5.5 billion in GDP, USD 3.3 billion in wages and USD 1.3 billion in taxes. The report also stated that personal vehicle (35 percent) was the most popular mode of transportation among US business travellers in 2016, followed by airplane (28 percent) and rental cars (13 percent).
Internal travel encompasses trips taken for intracompany purposes, where employees participate in activities such as training, team building or inspection of field operations. External travel, on the other hand, refers to travel done by employees for engagements outside the company, including in-person meetings with clients and suppliers, trade conferences and customer sales calls.
"Obstacles to business travel, such as cumbersome visa protocols and long flight connections, constrain access to knowhow and limit growth opportunities, especially in developing countries," said Frank Neffke, research director at Harvard Kennedy School’s Growth Lab.
Benefits Of Business Travel
In the past, companies have experienced that, on average, 40 percent of customers would eventually be lost without in-person meetings and support.
Detailed statistical modelling over 18 years and 14 industries indicates that for every dollar invested in business travel, US companies make a USD 9.50 return in terms of revenue. The modelling also found that US business travel has yielded USD 2.90 in profits for every dollar spent.
There is a small segment of employees for whom travel is deemed essential for conducting business. This category accounted for around 15 percent of all corporate travel expenses in 2019 and includes decision makers in manufacturing companies with a wide distribution of factories and plants, and field-operation workers. For some corporate travellers, it is possible to move oversight responsibility to local personnel and/or utilise digital medium. This segment will see their business travel decline. A large segment of business travel is done to cultivate new or important client relationships. This segment will bounce back as soon as Covid-related restrictions are lifted.
A tiny portion of business travel comes from the public sector, professional associations and nonprofits. During the pandemic, many professional associations were able to hold virtual events to replace in-person conferences and will likely be more cautious in their return to travel.
Business Travel Catches The Virus!
Business travel has taken a big hit during the Covid-19 pandemic and its future is still up-in-the-air, waiting for the end of the pandemic and firming up the ‘New Normal’. In 2020, total global business travel expenses contracted by 52 percent, while managed corporate-travel spending in the United States alone plummeted by USD 94 billion (71 percent).
The World Travel and Tourism Council’s (WTTC) latest annual research shows that the global travel and tourism sector suffered a loss of almost USD 4.5 trillion to reach USD 4.7 trillion in 2020, with its contribution to GDP dropping by a staggering 49.1 percent compared to 2019. In 2020, sixty-two million jobs were lost, representing a drop of 18.5 percent, leaving just 272 million employed across this sector globally, compared to 334 million in 2019. The threat of job losses persists as many jobs are currently supported by government retention schemes and reduced hours, which could be lost without a full recovery of the travel and tourism sector.
Some business travellers expect to take at least as many business trips in 2022 as they had in the year before the Covid-19 pandemic was declared. While teleconferencing will reduce the need for some business travel, many survey respondents cited the need to meet in-person to rekindle relationships with customers, suppliers and business partners. Another frequent reason cited for the need to travel for business was a job change.
The countries most eager to travel for business once Covid-19 travel restrictions are lifted seem to be China, US and Australia. Of course, the potential increase in Covid cases from the Delta and future variants of the virus may still cause further backsliding on rising confidence levels for resumption of business travel. (TT)
German Rubber Industry Association Sounds Alarm Over 'Free Fall' And Looming Plant Closures
- By TT News
- September 09, 2026
The German Rubber Industry Association (wdk) has issued a stark warning, throwing its full support behind a recent open letter from the metal and electrical sectors that urges the Federal Government to implement immediate industrial reforms. Association President Michael Klein stressed that the current situation poses a fundamental threat to the nation’s industrial foundation, prosperity and the very fabric of its democratic society. He insisted that the time for half-measures has passed and that decisive action can no longer be postponed.
The association’s concerns are particularly acute for Germany’s rubber sector, a systemically important industry whose products are vital to strategic fields like healthcare, mobility, defence and infrastructure. According to Klein, mid-sized member companies are buckling under the weight of exorbitant energy costs, excessive bureaucratic red tape and aggressive competition from non-European rivals. He described the industry as being in a state of free fall, which jeopardises national self-sufficiency in several critical areas. To reverse this trend, the wdk is calling for the suspension of reporting duties, the abolition of the national emissions trading system to lower energy prices and robust measures to secure domestic markets.
These urgent appeals are underscored by the latest economic data for the first half of 2026, which paints a grim picture of the industry's trajectory. wdk chief economist Michael Berthel reported significant declines across all major indicators, with production dropping by 5.4 percent to 530,000 tonnes and the workforce shrinking by five percent to 57,200 employees. Revenue also took a substantial hit, falling by 4.1 percent to EUR 5.2 billion compared to the same period in 2025.
Berthel further cautioned that without a rapid improvement in the general operating conditions, the situation will only deteriorate further, leading to the permanent closure of more production facilities. The association’s leadership maintains that creating a level playing field in international competition is not merely an option but an absolute necessity for the survival of the rubber industry in Germany.
Pyrum Unveils New Corporate Identity And ‘Rethink Resources’ Vision
- By TT News
- September 09, 2026
Pyrum Innovations AG has unveiled a comprehensive rebranding initiative, introducing a new logo, an updated corporate design and a fully redesigned website. This strategic overhaul publicly reflects the company’s significant evolution in recent years across technological, entrepreneurial and international dimensions.
Central to the new identity is the guiding principle ‘Rethink Resources’, which encapsulates Pyrum’s shift in perspective towards viewing waste as a valuable raw material source. No longer positioning itself solely as a tyre recycler, the technology firm employs its proprietary thermolysis process to recover and reintegrate valuable resources into the production cycle. The refreshed brand imagery is designed to articulate this vision clearly while fostering a cohesive identity to support ongoing global expansion and technological scaling.
Visually, the transformation features a modern aesthetic with a clear design language intended to boost brand recognition internationally. The new website serves as a central hub, making the company’s technology and vision more accessible. This corporate identity will be phased into operations gradually, with existing materials replaced only during regular updates to align with sustainable resource management principles.
Pascal Klein, CEO, Pyrum Innovations AG, said, “Pyrum has evolved significantly in recent years. With our new brand identity, we want to make this evolution visible to the outside world as well. Our new brand identity is not a break from our previous identity, but rather the next logical step. ‘Rethink Resources’ perfectly captures what drives us: rethinking resources, tapping into new sources of raw materials with our technology and thereby making an important contribution to greater resource independence. Pyrum aims to be one of the first brands that comes to mind when it comes to resource resilience.”
Toyo Tires Debuts Proxes G-Tour Grand Touring All-Season Tyre For Premium CUVs And SUVs
- By TT News
- September 09, 2026
Toyo Tire U.S.A. Corp. (Toyo Tires) has introduced the Proxes G-Tour, a new grand touring all-season tyre engineered for premium CUVs, SUVs and passenger cars. Positioned as an ideal original equipment replacement, the tyre features a contemporary design that prioritises fuel and range efficiency across gasoline, hybrid and electric vehicles. Compared to ultra-high performance or standard touring alternatives, it delivers superior driving comfort through reduced road noise and low rolling resistance.
The tyre’s asymmetrical tread design and five-variable pitch pattern work in concert to minimise pattern noise while ensuring dependable traction on wet, dry and light-snow surfaces throughout its lifespan. Bevelled tread blocks enhance water evacuation to maximise road contact, while high-stiffness centre ribs and outside blocks, paired with an advanced compound and multi-wave sipes, balance ride comfort with robust wet and dry handling. These elements also provide firm grip and cornering stability, with the compound further promoting even wear and extended tread life.
Optimised for long-distance travel, the Proxes G-Tour offers a quiet, comfortable ride and is tailored for maximum fuel and range economy. The multi-wave sipes not only reduce irregular wear for increased durability but also contribute to a smooth, silent performance in diverse weather conditions. The tyre will be manufactured in more than 70 sizes and load/speed combinations, accommodating 16- to 22-inch wheel diameters with speed ratings of T, H, V and W.
Initial sizes are slated for September availability, with additional fitments rolling out through the end of the year. Key applications include vehicles from Audi, BMW, Lexus, Tesla, Toyota, Honda, Ford and Volkswagen. The Proxes G-Tour carries a 65,000-mile treadwear warranty for T/H-rated versions and a 55,000-mile warranty for V/W-rated models, alongside the Toyo Tires No Regrets 45-Day or 500-Mile Trial Offer.
Cameron Parsons, Technical Field Manager and Business Development, Toyo Tire U.S.A. Corp., said, "The Proxes G-Tour is an exciting addition to the Toyo Tires lineup and a new benchmark in our grand touring all-season category. Through our latest innovations in tyre construction and compound technology, the Proxes G-Tour delivers long tread life with confident wet and dry performance for everyday driving."
Yokohama Tire Extends Adaptive Motorsport Partnership With High Fives Foundation For Fourth Year
- By TT News
- September 09, 2026
Yokohama Tire has reinforced its commitment to adaptive motorsports by extending its partnership with the High Fives Foundation for a fourth straight year. Through this collaboration, the company supplies its GEOLANDAR truck and CUV/SUV tyres to the Return to Dirt programme, which empowers individuals with mobility impairments to navigate off-road environments using specialised vehicles and instruction.
The Return to Dirt initiative organises driving excursions across diverse landscapes, ranging from icy lakes to wooded trails. Participants manoeuvre modified Polaris RZRs equipped with hand controls and outfitted with Yokohama’s GEOLANDAR M/T G003 SxS tyres, ensuring reliable traction in challenging conditions.
Professional off-road racer and Team Yokohama member Kristen Matlock attended a recent Return to Dirt gathering and described a profound personal impact. She arrived intending to motivate the adaptive athletes but left feeling transformed by their resilience and unwavering positivity. Matlock observed that the participants confronted obstacles with determination and authentic happiness, reshaping her understanding of strength and personal limitations.
Beyond outfitting the programme’s vehicle fleet, Yokohama supplies tyres for the foundation’s towing trucks and actively contributes to fundraising initiatives. The company involves its sales teams and customers in local High Fives events nationwide, broadening its support for the nonprofit’s mission.
Melissa Aguirre, Manager – Brand Marketing, Yokohama, said, “Yokohama fully supports and aligns with High Fives Foundation’s vision of creating a universal shift in adventure sports that expands what is possible for those who have faced life-changing injuries. We’re pleased to be a part of High Five’s athletes’ on- and off-road experiences through their Return to Dirt programme.”
Roy Tuscany, CEO and Founder, High Fives, said, “We value partnerships with like-minded brands and Yokohama is a brand that totally aligns with our core values. Yokohama supports the entire mission of the organisation and helps us achieve the vision of being the safety net of the outdoor sports community.”
Tim Burr, Program Manager, Return to Dirt, said, “Having Yokohama on-board lets us deliver experiences to our adaptive drivers that are unprecedented. We drive on ice with studs, access high mountain terrain in dirt and share desert experiences on rocks all thanks to Yokohama.”
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