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)

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Nexen Tire reported record first-quarter revenue and higher profitability, supported by stronger sales in Europe and North America and a shift towards higher-value products.

The company said revenue rose to KRW 838.3 billion in the three months to March, while operating profit reached KRW 54.2 billion. The increase came despite a “hostile business environment” marked by slowing global demand and geopolitical risks.

Sales were driven by solid performance in key markets, notably Europe and North America. A recent plant expansion in Europe improved production stability, enabling higher volumes from existing customers and new client wins.

Original equipment (OE) sales remained stable, supported by a diversified product portfolio, even as global automotive demand weakened.

Profitability improved on the back of a more favourable product mix and cost controls. The share of high-value products — including premium OE tyres and those for sport utility vehicles and electric vehicles — continued to rise. High-inch tyres, defined as 18 inches and above, accounted for 40 percent of total sales.

The company also said efforts to offset higher raw material and ocean freight costs contributed to margin gains.

Alongside its results, Nexen outlined measures to strengthen its global position, including expanding region-specific product offerings. In South Korea, it launched the high-performance N’FERA Sport and the all-weather N’BLUE 4SEASON 2, following earlier introductions in Europe and the US.

In Latin America and the Asia-Pacific region, Nexen introduced the N’BLUE S summer tyre and pursued partnerships with local distributors to bolster retail competitiveness.

With external uncertainties expected to persist into the second quarter, the company said it would accelerate diversification of its global sales structure while maintaining growth in strategic markets such as Australia and Japan.

Nexen also plans to expand regional distribution centres and advance its AI-based virtual development process using a high dynamic driving simulator introduced last year.

A Nexen Tire official said: “We achieved solid results despite the uncertain business environment. We will continue to respond proactively to market changes while strengthening product competitiveness and operational efficiency to sustain quality growth.”

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Hankook Tyre UK has confirmed it will continue as a key partner for the 2026 London to Brighton Electric Vehicle Rally, building on the success of the 2025 event. The premium tyre manufacturer reaffirmed its dedication to innovation, sustainability and the future of electric mobility. Scheduled for 20 June 2026, the rally will again bring together industry leaders, electric vehicle enthusiasts and the public for a major celebration of electric transport.

The event will commence in Westminster, with an electric vehicle convoy travelling through central London before finishing along Brighton’s seafront. More than 100 vehicles will take part, with drivers challenged to complete the route using minimal energy. This format highlights the critical importance of efficiency in advancing sustainable mobility. Upon arrival in Brighton, up to 35,000 spectators are expected to welcome participants at the seafront e-village.

Hankook will showcase its iON range, the world’s first complete tyre lineup developed specifically for electric vehicles. The company will also serve as the official sponsor of the awards ceremony, a highly anticipated after-party at the Malmaison, bringing together industry figures and participants for an evening celebrating energy efficiency and EV innovation. The event programme includes an electric stunt show, live music, interactive experiences and test drive opportunities.

Hankook’s iON range includes the iON evo for summer, the iON i*cept for winter, the all-weather iON FlexClimate and the iON GT for compact EVs, all available for SUVs. These tyres feature reduced rolling resistance, low noise levels and high load‑bearing capacity to handle instant torque and increased vehicle weight, thereby extending driving range and comfort. As the exclusive tyre supplier to the ABB FIA Formula E World Championship, Hankook will also display a Formula E car and its racing tyre at its stand.

Harrison Hughes, Director of the London to Brighton EV Rally, said, “We’re delighted to welcome Hankook Tyre UK back as a key partner of the London to Brighton Electric Vehicle Rally. Their continued support plays an important role in helping us deliver and grow the event year on year, and we’re especially pleased to have them sponsoring the evening awards, which are a real highlight of the event.”

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Goodyear has reinforced its position as an all‑season tyre pioneer on the eve of the 50th anniversary of the world’s first all‑season tyre. The company introduced the Vector All Season 4, an engineering milestone shaped by decades of expertise and an award‑winning portfolio. With a new high‑contrast sidewall design and rim diameter coverage now reaching 23 inches, the tyre unlocks premium year‑round capability for vehicle segments that previously lacked any all‑season solution.

The Vector All Season 4 delivers optimised performance on dry roads, in rain and on light snow, carrying the European Three‑Peak Mountain Snowflake certification. Developed with Goodyear’s latest technologies and dedicated materials, the tyre balances capabilities without compromising any single performance area, allowing it to adapt to changing temperatures, road conditions and driving styles.

Independent testing by TÜV SÜD, commissioned by Goodyear, confirmed the tyre as a well‑rounded product with consistently strong performance across all evaluated criteria, while AutoBild awarded it an ‘Exemplary’ rating. The tyre’s WeatherReady Technology, combining Dry Contact Plus, a 3D Blade Sipe System and a new compound formula, supports confident grip, effortless dry and wet control, improved tread wear and reduced rolling resistance – making it well suited for electric vehicles.

Designed for today’s heavier, more powerful and increasingly electrified vehicles, the Vector All Season 4 responds to evolving market demands with broader fitment. By 2026, the lineup will include 96 SKUs across 16‑ to 23‑inch rim diameters, with 66 percent of the range in 19 inches and above. For the first time, models such as the Range Rover, Range Rover Sport, Porsche Panamera and Macan, as well as the Audi A6 e‑tron, Q7 and SQ7, can combine confident all‑season performance with year‑round convenience. Fitments of 19 inches and above feature an exclusive laser‑engraved sidewall.

Ben Glesener, Senior Technology Director Product Development Consumer EMEA, said, “Goodyear has played a defining role in shaping the all-season category since its very beginnings, starting with the launch of Goodyear Tiempo in 1977 – the world’s first all-season tyre. As we approach the 50-year anniversary of that milestone next year, Vector All Season 4 represents the next step in how we continue to redefine the all-season category. By raising all‑season performance and expanding the range to meet the demands of today’s premium and electric vehicles, we are making it easier than ever for more drivers to rely on a single tyre solution throughout the year.

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Bridgestone is broadening its premium agricultural tyre portfolio for next-generation high-horsepower tractors. The company has added six extra-large sizes to its VT-TRACTOR range, covering 38-to-46-inch rims. These XXL tyres deliver superior traction, extended wear life and enhanced durability. An optimised rolling circumference ensures ideal lead percentage between front and rear tyre combinations, which is critical for maintaining proper driveline synchronisation and preventing mechanical stress under heavy field loads.

Advanced design features enable these performance gains. Developed using virtual three-dimensional simulation and robust Bridgestone design criteria, the tyres incorporate deeper and wider tread profiles that balance traction with even wear distribution. A patented involute lug design provides up to 12 percent more lug volume than competitors, maximising grip while minimising energy loss. This design maintains consistent performance over extended working seasons, reducing the need for premature replacements and lowering operating costs for farmers.

Durability comes from Bridgestone’s unique S-LINE bead profile, offering greater flexibility at lower pressures to reduce soil compaction and prevent rim slip. The high durability casing ensures even pressure distribution across the soil footprint, preventing both circumferential and shoulder cracks while improving tyre longevity. The tyres are fully compatible with Central Tyre Inflation Systems, allowing operators to adjust pressure on the move for different applications. Additional benefits include improved fuel efficiency and stable steering precision even under challenging field conditions.

Production takes place at Bridgestone’s Puente San Miguel plant in Spain, following significant upgrades to manufacturing capabilities including advanced production technology and specialised equipment for large-diameter tyres. These investments enable expansion into the 44- and 46-inch segment. The new XXL sizes will launch progressively from April 2026, expanding compatibility with a wider range of modern high-horsepower agricultural machinery across global markets.

Andrea Marconcini, Director Agriculture at Bridgestone EMEA, said, “Today, farmers operate larger, more powerful tractors and need tyres that can keep up – doing more and going further in demanding conditions. Our updated VT-TRACTOR range is engineered to enable faster, more efficient work in the field, together with a longer service life that reduces long-term costs.” 

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