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 is all geared up to showcase the prowess of its racing tyres as the ABB FIA Formula E World Championship arrives at the Miami International Autodrome for the 2026 Miami E-Prix. The event, serving as Round 3 of Season 12, marks the series' first World Championship race at this iconic venue, albeit on a shorter, 2.32-kilometre layout crafted for Formula E's distinct performance characteristics. This new circuit configuration around Hard Rock Stadium presents a balanced technical challenge, demanding optimal tyre performance in rapid warm-up, traction on corner exit and stability under heavy regenerative braking.

The temporary nature of the circuit, blending permanent asphalt with repurposed stadium grounds, ensures a weekend of significant track evolution. As the surface rubberises, grip levels will change, particularly in high-load areas, making consistent tyre behaviour a critical factor for success. Teams will rely on predictable temperature build-up and dependable grip to execute qualifying strategies and manage energy efficiency throughout the race. Central to meeting this challenge is Hankook's iON Race tyre, engineered to provide strong adhesion and precise handling while maintaining the crucial low rolling resistance required in the all-electric championship.

This motorsport engagement is a cornerstone of Hankook's premium brand advancement in the region, running parallel to its role as a Founding Partner of the Tomorrow Golf League (TGL). Beyond the track, the Miami event will be a full spectacle, featuring a vibrant festival atmosphere with live entertainment, interactive fan experiences and local food offerings. With the home crowd supporting US-linked teams like Andretti and DS PENSKE, and a new circuit testing every component, the E-Prix is set to be a defining event, powered by the technology within Hankook's tyres.

Manfred Sandbichler, Senior Director, Hankook Motorsport, said, “Miami is the type of venue that immediately raises the technical stakes. With a Formula E layout making its first championship appearance at the Miami International Autodrome, teams arrive without the usual backlog of race-weekend references. That places even greater importance on tyre consistency, traction stability and temperature control. We’re looking forward to seeing the iON Race support close, high-intensity racing as Formula E brings its street-racing character to Miami.”

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Pirelli has launched the latest summer tyre for SUVs, the new Scorpion, representing a comprehensive evolution of a line first introduced in 1986 for high-driving-position vehicles like the legendary Lamborghini LM002. Today, the Scorpion name encompasses a broad family of products, including SUV, motorcycle and bicycle tyres. This newest iteration is engineered to deliver safety, comfort and lasting performance, specifically tailored to the demands of modern Sport Utility Vehicles.

The development process leveraged advanced virtual engineering, with Pirelli’s Milan-based R&D team evaluating over 20 technological variants of compounds and tread patterns using proprietary mileage-prediction tools. Driving simulators further optimised handling and dry performance before physical validation, which confirmed significant improvements over the preceding generation. This integrated design approach yielded a tyre that excels across key metrics. It has earned the TÜV institute’s Premium Quality Mark, ranking first in independent dry braking and wet handling tests while also leading in wet braking and straight-line aquaplaning. The entire launch range achieves the top European Class A rating for wet grip, along with Class A/B for acoustic comfort and Class B for rolling resistance, ensuring consistent performance across summer temperatures.

To address the unique challenges of SUVs, such as increased weight and a higher centre of gravity, Pirelli incorporated dedicated technical solutions. The tyre features a reinforced carcass and structure, wider central tread blocks and an optimised profile that promotes uniform pressure distribution and reduces shoulder deformation. This design promotes even wear, making it ideal for heavier vehicles. The updated tread compound, which shares innovative materials with the acclaimed latest-generation Cinturato for saloons, ensures stable performance, improved wet grip and excellent mileage. Furthermore, a new groove geometry in the tread pattern enhances both handling and noise comfort.

The new Scorpion is already offered in 16 sizes ranging from 18 to 22 inches. It incorporates technologies like Elect, which can extend the range of electric and plug-in hybrid vehicles by up to 10 percent through solutions designed for their specific powertrain characteristics. Building on a legacy of over 300 homologations for the Scorpion summer range, this new generation, developed in collaboration with leading car manufacturers, already has more than 40 homologations in progress.

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Hankook Tire has entered a significant global alliance by becoming a Global Partner of the Fédération Internationale de l’Automobile (FIA). This collaboration, formalised at a signing ceremony in London on 23 January 2026 with FIA President Mohammed Ben Sulayem and Hankook Tire Europe’s President and COO, Jongho Park, aligns the company with the governing body’s vision for the future of mobility and motorsport. The partnership is rooted in a shared commitment to innovation, safety and sustainability.

Central to this alliance are two key roles for Hankook. The company will serve as the Official Partner of the annual FIA Awards and the Official Partner of the FIA Sustainable Innovation Series from 2026 to 2028. This series, conducted with premier FIA World Championships like Formula E and Formula One, creates a global forum for industry leaders. It emphasises practical ‘track to road’ strategies, where advancements pioneered in motorsport directly influence broader automotive development.

Hankook’s commitment extends beyond sponsorship into tangible research and development. The company actively pursues sustainable transformation through AI-assisted development processes and strategic investments in electromobility, exemplified by its specialised iON tyre family for electric vehicles. A heightened use of certified renewable and recycled materials further underscores this direction.

The company views motorsport as a vital proving ground for its technology. Its position as the exclusive technical partner and tyre supplier for the ABB FIA Formula E World Championship and the FIA World Rally Championship provides a direct conduit for testing new materials and technologies under extreme conditions. This integrated approach ensures that Hankook develops tyre solutions that meet the evolving demands of modern mobility, where tyres play a crucial role in the safety, efficiency and sustainability of both conventional vehicles and those utilising new drive concepts.

Mohammed Ben Sulayem, President, FIA, said, “Sustainability and technological innovation are at the heart of our missions at the FIA, so I am delighted to welcome Hankook as a new partner. This new partnership with Hankook reflects the global growth of our FIA Global Partner Program, and through collaboration it will strengthen our work to make motorsport and mobility safer.”

Jongho Park, President & COO, Hankook Tire Europe, said, “The FIA and Hankook share the belief that technological innovation can only be effective on a sustained basis if it combines safety, fairness and responsibility. As Global Partner of the FIA, we want to use our expertise in technology and sustainable tyre development to drive the mobility of the future – in motorsport and beyond.”

Craig Edmondson, Chief Commercial Officer, FIA, said, “Through our expanding Global Partner Program, the FIA is working alongside leading international organisations that share our commitment to driving innovation, sustainability and safety across both motorsport and mobility. We are pleased to welcome Hankook into the FIA Global Partner Program. Together, we will continue to accelerate progress and shape a more sustainable, future‑focused mobility ecosystem.”

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The commencement of construction for Africa's largest car tyre plant marks a transformative industrial milestone for Morocco. Located in the Batouya Industrial Acceleration Zone within the commune of Ijjaou, Driouch province, this major venture is spearheaded by the Chinese group Shandong Yongsheng Rubber, according to Morocco World News. The project is being executed through the company’s local subsidiary, Goldensen Tyre Morocco, representing a substantial investment estimated at MAD 6.7 billion (approximately USD 739 million).

This facility, spanning approximately 52 hectares, is strategically positioned near the Nador West Med port. This advantageous location facilitates direct access to both European and African markets. Upon completion, the plant is projected to manufacture up to 18 million tyres annually, adhering to stringent international standards. Its operations are expected to generate 1,737 direct employment opportunities, alongside hundreds more indirect jobs during its construction and operational phases.

Moroccan officials, including the Minister Delegate for Investment, Karim Zidane, alongside regional representatives, celebrated the project's launch. They emphasised that this initiative signifies a decisive transition from planning to tangible action, underscoring the effectiveness of collaborative efforts between public institutions and committed investors. The project is viewed as a strategic industrial investment that aligns with national priorities, including industrial sector enhancement, sustainable job creation and the bolstering of productive capacities.

Further reinforcing its long-term value, the development will incorporate dedicated research and development units. These components are designed to foster technology transfer and support industrial innovation within the Moroccan economy. By strengthening the nation's integration into global value chains, the factory developed by Shandong Yongsheng Rubber and its subsidiary is poised to significantly elevate Morocco's industrial landscape and economic resilience.

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