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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Hankook Tire has renewed its FIA Three-Star Environmental Accreditation, retaining the highest rating awarded under the Fédération Internationale de l’Automobile’s environmental certification framework. The renewal follows a rigorous assessment by FIA Sustainability, with final approval securing the accreditation through July 2028. Hankook first earned the distinction in 2024 while serving as exclusive tyre supplier and official partner of the ABB FIA Formula E World Championship.

The FIA programme evaluates environmental management across motorsports and mobility, covering performance, energy reduction, logistics efficiency, waste optimisation and carbon neutrality initiatives. Hankook’s renewed status confirms that its motorsport environmental systems satisfy FIA standards. The company has also conducted life cycle assessments for Formula E tyres, spanning raw material procurement, manufacturing and transportation, while tracking carbon footprints throughout production.

Beyond racing, Hankook’s Geumsan Plant became Korea’s first tyre facility to obtain ISCC PLUS certification in 2021. The certification has since expanded to plants in Hungary, Daejeon and Jiaxing, China. The company has additionally secured a long-term renewable energy power purchase agreement for its Hungary Plant and installed solar systems for on-site use at Geumsan, Chongqing and Jiaxing.

Hankook plans to keep reviewing and strengthening ESG management and environmental capabilities across its unified global brand. The renewed accreditation reaffirms the company’s commitment to sustainable motorsport operations while advancing broader environmental goals throughout its international manufacturing network.

Willem Groenewald, FIA Secretary General for Automobile Mobility, Sustainability and Tourism, said, “Congratulations to Hankook on renewing its FIA Three-Star Environmental Accreditation. Earning our highest environmental standard once is an achievement; renewing it shows a commitment that runs deep. As a Global Partner of the FIA, Hankook shares our belief that motor sport can drive innovation from the track to the road, and this renewal is a fitting reflection of the partnership we are building together.”

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Pirelli is all set for Formula 1's newest venue, the Madring, which hosts its first Spanish capital Grand Prix next weekend. The tyre supplier has nominated the C2 as Hard, the C3 as Medium and the C4 as Soft for the 5.416-kilometre circuit, which blends a street section threading between exhibition district buildings with a permanent layout and boasts 22 corners, among them the 550-metre Monumental with its 24 percent banking.

Only 200 metres separate the start-finish line from Turn 1, and the opening sector is extremely fast. The middle part of the lap brings several medium and low-speed corners, including the banked Turn 12, while the closing stretch serves up 90-degree turns reminiscent of Baku.

Pirelli's involvement stretches back three years, when circuit designers first shared details of the intended layout. Simulation tools enabled engineers to trace the paths cars would take and compute the forces tyres would face. Once construction concluded, Pirelli personnel travelled to Madrid to gauge the asphalt's macro and micro roughness, sharpening their simulations and preparing a technical document distributed to teams ahead of the event.

In energy terms, the track sits among the five most taxing on the calendar, generating lateral forces on par with Barcelona and Silverstone. The Monumental produces the year's highest vertical load thanks to both its banking and its length, and it also tests grip, with drivers likely to choose differing approaches depending on whether they favour setting up an attack into the next corner.

Because the asphalt is unusually smooth and offers modest grip, it has been cleaned with high-pressure water jets to strip away dust and oily deposits typical of fresh surfaces, a practice already employed at circuits such as Singapore. Elevation also distinguishes the layout: Turn 7 marks the highest point at roughly 700 metres above sea level, reached via an 8 percent gradient and 10-metre climb from Turn 6, while Turn 2 is the lowest, sitting 26 metres below.

With no testing possible before the weekend, teams will only finalise their programmes and tyre strategies after first practice, possibly reserving Hard sets for Sunday if softer rubber degrades sharply. Last year brought ambient highs of 29°C, though the circuit's altitude makes severe heat improbable. Madrid's region previously staged nine Spanish Grands Prix at Jarama from 1968 to 1981, where Mario Andretti won twice and Lotus took four wins. Across 55 Spanish Grands Prix at five venues, Michael Schumacher and Lewis Hamilton each have six victories, while Ferrari leads constructors with 12.

The Pirelli Design podium cap by Denis Dekovic carries a white crown and the seven stars of Ursa Major under the peak and is on sale through Pirelli's e-commerce platform.

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Nokian Tyres marks the 90th anniversary of its Hakkapeliitta winter tyre family, celebrating a legacy that began in 1936 with the introduction of the first Hakkapeliitta-branded tyre, the Lumi-Hakkapeliitta. This debut product, arriving just two years after the world’s first winter tyre, featured a transverse tread pattern and suction-pad-style grip, establishing itself as a breakthrough in winter mobility and the first winter tyre designed specifically for passenger cars.

The company commemorates this milestone with the launch of its newest winter product, the Nokian Tyres Hakkapeliitta 01, announced in March and available for sale at tyre shops this fall. The Hakkapeliitta 01 represents a significant step forward in the brand’s rich history, introducing On-Demand Grip technology that allows studs to enter ‘OFF’ and ‘ON’ modes in response to driving conditions.

Throughout the decades, Nokian Tyres expanded the Hakkapeliitta’s influence from the Nordic region to snowy surfaces worldwide. The Haka-Hakkapeliitta became one of the best-selling winter tyres of the 1950s and 1960s, featuring a dense pattern of protrusions effective on icy roads with packed snow, while the first studded model, Kometa-Hakkapeliitta, was introduced in the 1960s. The product family gained global recognition during the same period by dominating the Monte Carlo Rally, cementing its association with extreme weather performance.

Forty years ago, in 1986, the company opened the Ivalo Test Center, known as White Hell, in Finland, providing a diverse winter tyre testing environment with temperature variations of up to 40 degrees possible in a single week. From 2000 onward, all new Hakkapeliitta tyres have featured the Driving Safety Indicator, an easy-to-read number moulded into the tyre indicating remaining tread life. Innovations such as the square stud, Bear Claw technology, Double Stud technology and Arctic Grip Crystals have further advanced both studded and non-studded offerings.

Today, studded and non-studded Hakkapeliitta products equip passenger cars, SUVs, commercial vehicles, trucks, tractors and selected speciality equipment used in municipal maintenance and contracting. Models including the studded Hakkapeliitta 10 and non-studded Hakkapeliitta R5 have ranked atop test results, helping keep drivers safe in diverse winter weather.

The Hakkapeliitta 01 reduces road wear by up to 30 percent compared to its predecessor, the Hakkapeliitta 10, while improving ice grip by up to 10 percent and wet grip by up to 5 percent. Noise levels drop by as much as one decibel, making the new tyre a victory of safety and comfort. This marks the second time in the series’ history that Nokian Tyres has reset its numerical naming convention. Consumers can purchase the Hakkapeliitta 01 this fall at tyre shops across the Nordics, North America and Central Europe.

Paolo Pompei, President and CEO, Nokian Tyres, said, “The Hakkapeliitta product family is an iconic part of our heritage and continues to play a central role in our strategy. Achieving and maintaining leadership in the winter tyre market requires continuous innovation. The new Nokian Tyres Hakkapeliitta 01 is a clear demonstration of that commitment, combining our longstanding expertise with the latest advancements in safety and performance.”

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Hankook Tire has introduced the Winter i*cept evo 4, a new addition to its Alpine winter lineup. The studless tyre is designed for passenger cars and SUVs, targeting enhanced winter safety and fuel efficiency. It replaces the previous generation with a 5 percent improvement in snow grip, achieved through wider lateral grooves and semi-sipe technology. The next-generation model builds on Hankook's proven Alpine winter engineering, refining traction, braking, efficiency and tyre longevity even in the harshest winter conditions.

The tyre offers balanced grip compounds and hydroplaning resistance for wet braking, while an optimised curing process and balanced wear design extend mileage and fuel efficiency. A tread design focused on noise reduction provides a quieter, more comfortable ride by minimising road and impact noise caused by sudden braking and steering. All Hankook winter tyres carry the 3 Peak Mountain Snowflake rating for severe snow service standards.

The evo 4 joins a broader winter portfolio that includes the studless Winter icept iZ3 for passenger cars and iZ3 X for SUVs and crossovers. Studded options include the Winter i*Pike RS2 for passenger cars, including sedans, coupes, hatchback, and some smaller crossovers depending on tyre size, and the i*Pike X for SUVs, crossovers and light trucks. The new tyre is backed by the SureTire Plan with a 30,000-mile treadwear warranty, a 30-day free trial, a limited warranty and road hazard protection, subject to applicable terms and conditions.

Dealers can now order the Winter i*cept evo 4 in 37 SKUs and the SUV version in 45 SKUs. Consumer availability is expected later this fall.

K C Jensen, Vice President of PC/LT Sales, said, “Drivers need tyres that provide dependable control throughout the winter season. The Winter i*cept evo 4 combines stronger snow traction, enhanced wet braking and improved efficiency to help drivers navigate changing winter road conditions with confidence.”

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