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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The Alliance for the Future of Tires (AZuR) is broadening its international footprint with a new European project group focused on tyre retreading. An inaugural online meeting for this initiative is scheduled for 22 July 2026, marking the first step in creating a pan-European network uniting companies, research bodies and sector specialists.

Retreading extends the lifespan of premium tyre casings, conserving raw materials and reducing CO₂ emissions while supporting Europe's circular economy. The sector faces regulatory shifts, including the ESPR Regulation, the Digital Product Passport and heightened traceability mandates.

The AZuR project group will serve as a permanent forum for retreaders, tyre makers, equipment suppliers, research institutes and associations. The agenda prioritises innovation, digitalisation, legislation, best practices and joint ventures, with the kick-off session defining the group's mission, thematic focus and structure.

The online meeting via Microsoft Teams on 22 July from 10:00 AM to 12:00 PM CEST invites existing AZuR partners and new European stakeholders. Retreaders, manufacturers, academic institutions and associations are encouraged to participate and shape the platform from its inception.

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Triangle Tyre has secured a position on the 2026 list of China’s 500 Most Valuable Brands, with a recorded valuation of RMB 65.156 billion (approximately USD 9.62 billion). The announcement came during the 23rd World Brand Conference, hosted by World Brand Lab in Beijing on 24 June. The company’s inclusion underscores a consistent upward trajectory in brand equity, driven by comprehensive operational capabilities and sustained industrial focus.

The annual ranking assesses brands through financial metrics, brand strength and consumer behaviour analysis. The entry threshold rose to RMB 5.089 billion (approximately USD 751.62 million), while the collective brand value of the top 500 reached RMB 45.29 trillion (approximately USD 6.69 trillion), a year-on-year increase of RMB 3.26 trillion (approximately USD 481.48 billion). These figures highlight the accelerating expansion and rising influence of indigenous Chinese brands.

Central to Triangle Tyre’s brand prominence is its commitment to proprietary research. The company holds over 1,000 active patents and has achieved breakthroughs in giant engineering radial tyres, direct-pressure vulcanisation and aircraft radial tyres, establishing a fully independent intellectual property system. In May 2026, its self-developed civil aviation tyre received technical authorisation from the Civil Aviation Administration, followed by AS9100D aerospace quality certification in June.

Triangle Tyre has also integrated green design and low-carbon manufacturing across operations, utilising smart factories to enhance digital lean production. These efforts have yielded quality and efficiency gains, while the company’s environmental strategy earned the EcoVadis Gold Medal and strengthened its ESG framework. The brand’s national recognition affirms its innovative capacity and market performance, and the company aims to consolidate its competitive position through continued technological and operational excellence.

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Liberty Tire Recycling, North America’s foremost tyre recycler, has announced that its Chief Executive Officer, Thomas Womble, has been selected as a recipient of the prestigious EY Entrepreneur Of The Year Award for 2026 in the East Central region. The honour, presented by Ernst & Young LLP, distinguishes visionary business leaders who demonstrate exceptional innovation, sustained growth and a commitment to creating lasting value within their industries.

An independent panel of judges recognised Womble for his transformative leadership at the helm of the nation’s largest tyre recycling enterprise. Under his guidance, the organisation has evolved from a regional operator concentrated along the East Coast and Midwest into the only fully integrated, coast-to-coast recycler of its kind in North America. His efforts have been pivotal in pioneering advanced, sustainable applications for scrap tyre materials.

Beyond operational expansion, Womble has spearheaded several industry-first initiatives that underscore his commitment to environmental stewardship. He co-founded the Tire Recycling Foundation and serves on its board while also overseeing the publication of the company’s inaugural Sustainability Report. Additionally, he has forged strategic partnerships to address the collection and recycling of specialised tyres, such as those from bicycles and mining equipment, across both United States and Canada.

Established in 1986, the EY Entrepreneur Of The Year programme subjects nominees to a rigorous evaluation process that weighs financial performance, strategic growth and personal dedication to community impact. Regional winners like Womble are celebrated for their role in reshaping industries and fostering long-term economic and social progress.

Womble said, “Being recognised as Entrepreneur of the Year is one of the highlights of my entire career. I think entrepreneurship is what the American dream is built on. It's certainly what my DNA is built on, and to be honoured with such people that are making such a difference in the world is quite an achievement.”

Shannon Crone, Entrepreneur Of The Year East Central Program Co-Director and EY Executive Director, said, "Through their vision, focus and commitment to growth, they are building companies that move markets forward, create opportunities for their teams and strengthen the communities around them.”

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Prometeon Tyre Group has published its 2025 Sustainability Report, reinforcing the company’s commitment to environmental, social, governance and economic priorities. The document illustrates how sustainability considerations are now embedded within operational frameworks and strategic planning across the global tyre manufacturer’s industrial, agricultural and off-the-road segments.

The report highlights notable energy achievements, with renewable and high-efficiency sources accounting for 51.5 percent of total consumption. Certified green electricity and biomass represented 31.3 percent, while combined heat and power systems contributed 20.2 percent. For electricity specifically, the renewable share reached 47.5 percent, with the Milan headquarters and Cinisello Balsamo R&D centre fully powered by certified green energy and a new 116 kWp photovoltaic installation.

The Gravataí plant in Brazil maintained carbon neutrality for Scope 1 and 2 emissions through renewable certificates and a biomass boiler for process steam. Overall energy intensity per finished tonne dropped 14.7 percent since 2016, supporting the company’s ambition to achieve climate neutrality by 2040, in line with the Science Based Targets initiative’s 1.5°C pathway, despite a challenging international policy environment.

Material circularity also advanced, with recycled content reaching approximately seven percent, driven by increased recycled steel, rice husk ash-derived silica and pyrolysis oil-based carbon black. From January 2025, Turkish-produced Coach C02 tyres incorporate 23 percent ISCC+ certified materials via mass balance. The Group also earned a B score for Climate Change and B- for Water Security from CDP, placing it at the Management level for structured environmental governance.

Supply chain oversight intensified with 21 supplier audits covering 18 percent of annual raw material expenditure, assessing labour standards, safety and association rights, while cumulative coverage since 2021 reached 99 percent. Prepared under Global Reporting Initiative standards, the report underscores Prometeon’s systematic approach to measuring and communicating its economic, environmental and social impacts.

Nicolas Marchi, Chief of Internal Audit, Compliance, Sustainability & Institutional Relations Officer, Prometeon, said, “The 2025 Sustainability Report confirms Prometeon’s ability to translate its ESG objectives into tangible and measurable results. The increase in the share of energy from renewable and high-efficiency sources, the growth in the use of recycled materials and the recognition achieved through the CDP assessment demonstrate the soundness of the strategy we are implementing. In a rapidly evolving global scenario, we continue to view sustainability as a key driver of competitiveness, innovation and attractiveness. For this reason, we remain firmly committed to our journey towards net zero by 2040, engaging the entire value chain and further strengthening our commitment to people, customers, partners and the communities in which we operate.”

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