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Good morning from the Financial Times.

Today is Tuesday, August 2nd, and this is your FT News Briefing.

The head of Instagram is packing his bags and setting up shop in London,

plus China's impact on global business is impacting our show today,

with here about a British bank that's caught in the middle of U.S.-China tensions,

and then we'll talk about China's overseas lending.

It's exploded over the past decade, and now Beijing faces its first overseas debt crisis.

I'm Mark Filipino, and here's the news you need to start your day.

Instagram is relocating its CEO to London to better compete with its key rival,

China's short video app Tiktok.

Adam Mosari will move from the California headquarters of Instagram's parent company Meta,

formerly Facebook. Meta just reported its first decline in quarterly revenues,

and expressed concern that Instagram is losing users to Tiktok.

London is already Meta's biggest engineering hub outside the U.S.

FT sources say the temporary move is partly because Mosari just wants to live in London.

It could also be a cost-saving measure since UK engineers are generally cheaper than those

in San Francisco.

One of Europe's largest lenders, HSBC, reported earnings this week,

and they were better than expected.

Thanks to a boost from higher interest rates, and the bank promised shareholders it would raise

...