Foreign news: Britain to review bank tax, Apple Pay for UK, SEC investigates banks' Chinese hires

The British government is preparing to review the tax on banks to prevent large multinational banks from leaving London's financial centre and shifting operations overseas. The Sunday Times reports Finance Minister George Osborne is to lay the ground for such a review in a speech this week. HSBC and Standard Chartered are considering the viability of quitting London for Asia. The British Bankers Association has previously cited tax as one of the factors making several banks rethink their operations.
Apple Pay is expected to be up and running in the UK within two months, the Telegraph reports. Apple is expected to make the announcement in San Francisco during its annual week-long innovation celebration for software developers. The UK would be the first international market for Apple Pay.
The US Securities and Exchange Commission is investigating the hiring of the children of powerful Chinese officials by banks. AFP reports that JP Morgan Chase has been subpoenaed for its communications with some 30 senior Chinese government officials. Banks including Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS have received written demands about dozens of hires. The banks are suspected of having hired the well-connected youth in exchange for other business in China, including with government-controlled corporations.