Panama Canal gets a new Chief

Ricaurte Vásquez is the new administrator of the Panama Canal. The news came Thursday at a crucial time amid trade conflicts between the U.S. and China.

Vásquez will be stepping into the shoes of Jorge Quijano who explained that the U.S.-China trade conflict has already cost the canal about $30 million this year. 

Vásquez, a 66-year-old former economy minister, says "the new global reality will require a redefinition of the canal’s business."