Mexico secures place in Olympic basketball

FIBA – Francisco Cruz scored 12 of his team-high 18 points for Mexico in the fourth quarter and, after a go-ahead three-pointer from Paul Stoll, the Mexicans forced Iran into a backcourt violation to help lift the team from the Americas to a 75-70 win that secured a place in the Semi-Finals of the 2016 FIBA Olympic Qualifying Tournament in Turin.

Mexico raises key rate more than expected after Brexit vote

The peso had been treading water at about 18.48 to the dollar before Thursday’s bold hike prompted a sharp bounce to around 18.19.
The peso had been treading water at about 18.48 to the dollar before Thursday’s bold hike prompted a sharp bounce to around 18.19.

By Nacha Cattan and Eric Martin / Bloomberg

Mexico raised its key interest rate after the peso plunged on the U.K.’s vote to leave the European Union, outweighing concerns revealed in the same central bank decision of a weaker domestic economy. The currency rallied.

Banco de Mexico increased the overnight rate a half-point to 4.25 percent Thursday, saying that while the nation’s growth outlook has deteriorated, worsened global economic conditions could impact prices.

It’s the second time this year that policy makers led by Governor Agustin Carstens have veered from the Federal Reserve’s path of keeping rates on hold, after a surprise rate hike in February, even after they said several times they preferred to match U.S. policy moves. The decision to raise rates more than expected Thursday highlights how far global decisions have overshadowed domestic factors, according to Credit Suisse Group.

“Today’s move was very bold,” said Alonso Cervera, chief Latin America economist at Credit Suisse. “The central bank is acknowledging that the external environment is more complex, that it may drive the peso weaker and we have to respond to it. Growth considerations are very secondary.”

Trump jokes plane is Mexicans poised to attack

Trump pointingPolitico – Standing before a crowd outside the shuttered Osram Sylvania light-bulb factory in Manchester, NH, on Thursday, Donald Trump offered up the closed plant as a direct symptom of trade deals advocated by both Hillary Clinton and former President Bill Clinton. He also joked that a plane flying overhead could be from Mexico and poised for attack.

Human smugglers caught using Uber cars

The Hill – A group of human traffickers was apprehended in northern Mexico smuggling Central American migrants north in cars registered with the Uber ride-hailing service. Five cars were stopped June 10 at the border of the Mexican states Coahuila and Zacatecas carrying 34 undocumented migrants. Of the five cars, four were registered with Uber.

How Mexico went from telecom laggard to trailblazer

Tech Crunch – Twenty years ago only one of 10 people in Mexico had a telephone of any kind. Today, more than 100 million people (out of a population of roughly 125 million) have cell phones and more than 70 percent are smartphones. To keep up the torrid growth, scrappy competitors are offering smartphones for every budget and plans that let users choose right from their handsets which services they want and how much they want to spend.

Raramuri have been sucked into narco culture

PRI – In the canyons of northern Mexico’s Sierra Madre Occidental reside some of the fastest runners in the world: the indigenous Tarahumara population, who call themselves the Raramuri.

This indigenous group excels in running competitions worldwide. But to the authorities, they’re becoming known for something else: Narco-traffickers have been exploiting them to smuggle drugs to the US. Between 2010 and 2015, the number of Raramuri arrested at the US-Mexico border doubled from 50 to 100 detainees.

Mexico, Canada buy more U.S. steel

NwiTimes – Canada and Mexico bought more steel from the United States in April, according to the American Institute for International Steel. The United States exported 305,054 tons to Mexico in April, a 5.4 percent increase from March. And exports to Canada grew 2.4 percent in April to 410,341 tons.