Category: 3. Business

Imagine you’re at the grocery store, standing before a selection of snacks. Seemingly without thinking, you skip over the rice crackers to pick out a bag of chips.

These types of choices are called dietary decisions. It’s how we consider many different aspects of a food – including tastiness, healthiness and price – in order to decide what to buy and what to eat.

It’s not well understood how our brains use all these different bits of information when making food choices. When does information about each aspect of the food become available to our brains to consider? That’s what we set out to investigate.

In our new paper published in the journal Appetite, we show how, just hundreds of milliseconds after we have seen a food, many different attributes are reflected in brain activity. This happens extremely fast, long before a person can consciously decide whether or not to buy or eat the food.

Peering inside the brain

Naturally, how fast our brains process the different aspects of foods will affect our dietary decisions.

For example, studies have reported that we may process how tasty we find a food more quickly than how healthy it is. This quirk can bias our choices toward foods that taste better over those that are healthier. Junk foods – tasty but not necessarily good for us – have an edge here.

To investigate how quickly we process different aspects of foods, we used electroencephalography, a method that allows us to record electrical brain activity with millisecond precision.

We recorded people’s brain activity while showing them images of various foods, such as snack items, meats, fruits and sweets. We also asked people to rate each food on many different aspects, such as healthiness, tastiness, calorie content, familiarity, and how much they would like to eat the food.

We then used machine learning techniques to compare patterns of brain activity (how different the brain responses were to different food items) with the patterns of ratings (how differently those foods were rated).

This allowed us to test whether foods that had the largest differences in ratings also had the largest differences in brain activity. In other words – was information about food attributes actually reflected in people’s brain activity?

As it turned out, it was.

Information about different aspects of foods, such as healthiness, calorie content and familiarity, were reflected in the brain activity as early as 200 milliseconds after the food image was presented on the screen.

These rapid brain responses occurred before people could be consciously aware of the food they were seeing. Other aspects of foods, such as tastiness and willingness to eat the food, were reflected in the brain activity slightly later.

Choosing before choosing

These findings suggest that various aspects of foods may grab our attention early and help guide our dietary decisions. The brain assesses many different aspects of foods automatically and with similar timing, shaping our food choices before we’re even aware of them.

Surprisingly, we found that the healthiness of foods was represented in the brain activity earlier than tastiness. While this contradicted some previous findings, our machine learning techniques may have been more sensitive to detect subtle patterns of brain activity associated with each attribute.

There were also similarities in the way people judged different aspects of a food. For example, foods that were less familiar were also rated as being less tasty.

From these patterns of similarity, we identified two key food dimensions that may be particularly important when our brains evaluate foods. The first one is the “processed” dimension: how natural or processed a food is. The second is the “appetising” dimension, which taps into how tasty and familiar we find a food.

Both were reflected in patterns of brain activity very rapidly, about 200ms after seeing a food item.

There’s more than the eye can see

Our findings are most relevant to situations where we only rely on the visual features of foods, such as when ordering groceries or meals online, or using a picture menu at a restaurant. They shed light on how people make snap judgements at the supermarket or on food delivery apps.

Our brain imaging approach can also be used to test if certain strategies, such as deliberately focusing on the healthiness of foods, might change how foods are rapidly appraised and help us improve our choices.

While we used food images in this study, other senses are also important for dietary decisions. Smelling a mango or hearing the sizzle of a frying burger patty are likely processed quickly by the brain as well.

The next step will be to look into these other sensory features of foods, to see how the brain processes not just images of food, but the real deal when placed in front of us.

Hong Kong is eyeing sustainable aviation fuel (SAF) as it races to achieve carbon neutrality before 2050.

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Airplane travel is one of the most carbon-intensive activities. In 2023, the aviation industry’s carbon emissions reached 950 megatonnes, accounting for 2.5% of the world’s emissions. To address this issue, sustainable aviation fuel (SAF) has been developed as an alternative to petroleum-based aviation fuel. 

As announced in the Hong Kong Policy Address 2025, Hong Kong is eyeing SAF. In this respect, the city is planning to develop a SAF industry chain in cooperation with mainland China authorities, adopt specified SAF consumption targets for flights departing from the Hong Kong International Airport by 2030, and build a SAF blending facility to boost competitiveness.

What Is SAF?

Instead of petroleum, SAF is made from sustainable feedstock such as municipal solid waste, agricultural residues, oils, and fats.

The Fischer-Tropsch Synthetic Paraffinic Kerosene is one of the most common types of  SAF. First, the appropriate feedstock, like wood waste, agricultural residue, and municipal solid waste, will undergo a thermochemical process called gasification. During this process, biomass will first be heated to remove its water content and break its structure into simpler molecules. Then, a chain of chemical reactions will happen under high temperature (above 700) in an environment with limited oxygen. As a result, the biomass will be converted into syngas that primarily consists of carbon monoxide and hydrogen. After removing the impurities, the syngas can be fed into the reactor to produce liquid hydrocarbons by undergoing the catalytic chemical reaction. The liquid hydrocarbons can be used as aviation fuel after refining.

Why SAF?

There are various advantages to adopting SAF in Hong Kong. 

First, SAF is a drop-in fuel that can be directly used in current aircraft. It means that there is no impact on the performance, and no modification or extra infrastructure is required. 

Depending on the type of feedstock and production methods, SAF can be blended with conventional aviation fuel in a range of 10% to 50%, with lifecycle carbon emission reductions of up to 80% compared with conventional fuel. Using SAF can also improve air quality by lowering emissions of sulfur and particulate matter.

All this makes SAF a great ally in decarbonization efforts globally and in Hong Kong – the city is committed to reducing carbon emissions by 50% compared with the 2005 level by 2035 and achieving carbon neutrality by 2050. 

Developing SAF is also beneficial for businesses. While airlines can reduce the scope one emissions generated by their aircrafts, other companies can also benefit in the resulting reduction of upstream scope three emissions generated by business travel. As a result, these companies can not only lower their carbon footprint but also reduce the risk of financial loss caused by climate change. 

As required by the Hong Kong Exchange and Clearing Limited, all listed companies in Hong Kong have an obligation to disclose sustainability-related information – better known as Environmental, Social, and Governance (ESG) standards – to the public. Therefore, companies that develop or support SAF can increase their business reputation and attract new investment.

Challenges

Although developing SAF is a good solution to decarbonize aviation, it comes with some challenges. 

Currently, the cost of SAF is about two to three times that of conventional aviation fuel. The reason is associated with the limited feedstock supply. Some feedstock, such as crop and virgin oil-based feedstock, may lead to deforestation, land use change, and biodiversity loss. If forests are removed, a massive amount of carbon dioxide stored in the trees will be released back to the atmosphere. 

It is also difficult to ensure a consistent supply of feedstocks like solid waste and agricultural residues. This, in turn, means higher production costs. As a result, airlines may continue to use conventional aviation fuel to save costs and avoid increasing ticket prices. 

Overcoming these challenges requires detailed planning and supportive policies, such as diversified feedstock and production methods and government subsidies. 

Moreover, global SAF adoption is slow. In 2024, global SAF production accounted for just 0.3% of the total aviation fuel production. It is expected to reach 0.7% of total jet fuel production this year.

Without government incentives and leadership, research and development as well as adoption of SAF technology will lag behind, hindering progress of the aviation industry’s decarbonization efforts.

More on the topic: Sustainable Aviation Fuel: State of the Industry and Challenges

Greenwashing Accusations

SAF has been described as a form of greenwashing – when companies make misleading statements about the environmental impacts of their products as a marketing tactic.

In fact, SAF is a vague term. People with an inadequate understanding may think it is a completely sustainable solution that has zero emissions. Unfortunately, that is far from the truth. During the combustion of jet engines, carbon dioxide will still be released into the atmosphere, even though the lifecycle carbon emissions of SAF are significantly lower. At the same time, air pollutants such as nitrogen oxides, sulfur oxides, carbon monoxide, and particulate matter will still be emitted, impacting air quality.

Global Trends

Despite slow adoption, multiple countries have implemented rules requiring aviation fuel suppliers to increase blending of SAF with conventional aviation fuel. For example, the United Kingdom introduced a SAF Mandate earlier this year. The requirement will increase linearly, from 2% in 2025 to 10% in 2030 and 22% in 2040. In the European Union, the ReFuelEU Aviation measure requires a share of SAF in EU airports from this year, which will gradually increase to 70% by 2050. Both mandates have excluded crop and virgin oil-based feedstocks to avoid deforestation, land use changes, and biodiversity loss.

Brazil, the host country of this year’s UN climate change summit, COP30, launched the Belém Commitment for Sustainable Fuels. Announced last week, the initiative aims to quadruple the production and use of sustainable fuels in aviation by 2035. The proposal has won the support from India, Italy, and Japan, and it will be presented at the climate conference in Belém next month.

Scaling Up SAF in Hong Kong

Although Hong Kong does not require airlines to use SAF, Hong Kong-based airline Cathay Pacific has already implemented Asia’s first major SAF program. Launched in 2022, it commits the company to incorporate SAF for 10% of its total fuel consumption by the end of the decade. On October 21, the airline announced a joint investment agreement with Airbus, committing to co-invest up to US$70 million to support the SAF development in Asia and globally.

Under the terms of the partnership, the two companies will work to identify,”evaluate and invest in projects that support the scaling of SAF production towards 2030 and beyond. Projects will be assessed based on their commercial viability, technological maturity, and potential for long-term offtake,” a press release read.

Among the Cathay Pacific SAF program’s partners is Hong Kong’s Airport Authority (AAHK). Its General Manager for Sustainability, Peter Lee, said: “We recognise that SAF is a key solution to decarbonise the aviation sector, and aim to drive uptake at Hong Kong International Airport in the coming years.”

As an international logistics hub, the Hong Kong International Airport has been the world’s busiest international cargo airport since 2010. In 2024, it handled about five million tonnes of cargo and 54.9 million passengers. With such a high flow, it is crucial to develop SAF policy and facilities to demonstrate Hong Kong’s commitment to achieving carbon neutrality and enhancing its global competitiveness and reputation.

Speaking at a conference last October, Cathay’s General Manager of Sustainability Grace Cheung called for more government pressure for Hong Kong’s aviation sector to meet its climate goals.

“Regulators have a key role to play for a level playing field, so that every [player] is doing the right thing for society,” Cheung said, according to the South China Morning Post. “If we leave it to the market, every company will wait for their competitors to make the first move.”

As Hong Kong plans to develop a SAF industry chain and build a SAF blending facility, the production technology will improve and become more cost-effective in the long run. When that happens, airlines will have more incentive to use SAF.

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By Bill Peters

Shoppers have yet to see the full impact of price increases on store shelves, one analyst says

Mattel reported quarterly results on Tuesday.

Mattel Inc. on Tuesday said it expects a decent holiday season, but shares still dropped after the toymaker’s third-quarter earnings report missed Wall Street’s expectations.

The results arrived as toymakers and retailers gear up for the key holiday-shopping stretch – and as they both try to cushion the impact of tariffs, which have made imports more expensive and threatened to push prices higher for inflation-weary consumers.

For the third quarter, Mattel reported sales of $1.74 billion. That was down 6% year over year, led by a drop in North America, and below FactSet analyst estimates for $1.83 billion. The company’s adjusted earnings per share came in at 89 cents, below forecasts for $1.06.

Mattel shares (MAT) dropped around 6% in after-hours trading Tuesday.

Chief Executive Ynon Kreiz said that since the start of the fourth quarter, orders from U.S. retailers had grown as stores try to stock up for the holiday season. So had point-of-sale trends and consumer demand overall.

“Looking into the balance of the year, we expect a good holiday season for Mattel and strong top-line growth in the fourth quarter,” he said.

Against that backdrop, Mattel said it was sticking with its full-year outlook. The company expects adjusted earnings per share of $1.54 to $1.66 for the full year.

Mattel’s results also landed as it tries to become more of a gaming and entertainment company, along with one that sells classic toys like Hot Wheels, Barbie dolls and action figures.

Netflix Inc. (NFLX) on Tuesday said it was partnering with Mattel and rival Hasbro Inc. (HAS) to roll out toys for “KPop Demon Hunters,” the streaming service’s megahit film. On Monday, Mattel said it had renewed a multiyear licensing agreement to make Disney’s (DIS) Princess and “Frozen” toys.

Some analysts expect holiday spending to cool slightly this season, as consumers stay selective on purchases and wrestle with tariff-related anxieties. In May, Mattel said it planned to raise prices in the U.S. “where necessary” as it grappled with the Trump administration’s trade wars.

During Mattel’s earnings call Tuesday, Kreiz said Mattel’s U.S. business during the third quarter was “challenged” by changes in the way retailers are ordering toys that shifted orders to the fourth quarter. More retailers, management said during the call, were opting to let Mattel handle imports and warehousing before taking in items – a more “just-in-time” approach to shipping, as retailers look for more flexibility in committing to orders.

UBS analyst Arpine Kocharyan said in a research note Monday that Mattel and Hasbro, as larger players in the toy industry, were in better shape than their rivals heading into the holidays. But she noted that the toy companies have largely acknowledged that shoppers have yet to see the full impact of price increases on store shelves.

Kocharyan said the industry was also running up against issues trying to move production out of China, a country that it has relied on for manufacturing and which the U.S. has targeted in its global trade war.

“The process of taking production out of China has been bumpier than anticipated for the industry,” she said.

“Buyers note supply-chain problems and issues with uninterrupted supply, while suppliers highlight disappointing production processes due to a lack of infrastructure in markets such as Vietnam and India and others,” she added.

-Bill Peters

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  10-21-25 1942ET
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In an age of fierce geopolitical tension, it’s easy to lump all Chinese exports into the same category: state-subsidised oversupply flooding western markets.

However, nothing could be further from the truth when it comes to matcha. As your Big Read shows (“Can Japan satisfy the world’s thirst for matcha?”, October 10), the enormous surge in demand for matcha in the UK and the rest of the world is causing some serious global shortages.

This trend compelled me to turn to China as a source of supply.

As a business owner, I found Chinese matcha to be a great commercial delight. I discovered matcha of comparable grade to Japan’s, for half the price, sometimes even less.

And as a certified tea sommelier, I found Chinese matcha intriguing. Though there was a fair share of pretty rubbish matcha, if one looks there are certainly gems that rival what Japan has to offer. Perhaps not the grand cru of matcha, but premier cru it certainly is.

So perhaps China turning its hand to this rediscovered agricultural export may end up bringing good to the world — or at least to Gen Z and yuppy millennials, who will no longer have to pay £5 for a cup of matcha.

Raphael Chow
Managing Director & Co-founder, Brut Tea, London W1, UK