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Magnitude 6.3 Earthquake Strikes Christchurch In New Zealand

(RTTNews) - An earthquake measuring 6.3 on the Richter Scale struck Christchurch on New Zealand's South Island on Tuesday afternoon, causing widespread damages and fatalities, according to weather agencies and officials.

The quake struck at a depth of about 3 miles at about 12:51 local time on Tuesday afternoon, with its epicenter located just 6.2 miles south-east of the city of Christchurch. Officials have warned the city's residents of significant aftershocks.

Authorities have indicated that there were reports of widespread damages and several fatalities in the quake. Television footage of the aftermath of the quake showed several collapsed buildings in the city and rubble-littered streets.

Emergency workers and hundreds of city residents were seen searching the rubble and under collapsed buildings for survivors. Ambulances and private vehicles are rushing the injured to several hospitals in the city. The city's main hospital, however, has been evacuated.

Though the full details of causalities and damages are yet to emerge, officials said at least two people were critically injured in the quake. There were reports of fires and of people trapped under collapsed buildings. Rescue workers said at least two buses were crushed by falling debris.

A major bridge and a church near the office of Radio New Zealand are said to have collapsed in Tuesday's quake, but those reports are yet to be confirmed by local authorities. The city's airport has been evacuated and ordered shut until further notice.

Christchurch Mayor Bob Parker said there were " scenes of great confusion" as hundreds of people were wandering along the streets in distress, adding that there were reports of " serious injuries throughout the city."

New Zealand Prime Minister John Key said local residents have been advised to get out of the city in wake of potential aftershocks, adding that the " details we have are extremely sketchy." He said authorities are " aware of significant damage to buildings that had people in them at the time."

" The worrying fear, of course, is that this earthquake has taken place at a time when people were going about their business - it is a very populated time, with people at work, children at school. Sadly, I cannot rule out that there have been fatalities," he added.

The initial reports indicate that the damages in Tuesday's quake is much heavier that what was caused by a more powerful 7.1 magnitude that struck the city in September. That quake was followed by a series of aftershocks, the last of which being a 4.9 magnitude tremor that struck just after Christmas.

The September quake, which struck further away from the city than Tuesday's tremor, had caused an estimated $3bn in damage. Two people were seriously injured in that quake, which hit the city less than a year ago. It epicenter was much deeper than that of the latest quake.

Earthquakes are common in New Zealand, which is located between the Pacific and Indo-Australian tectonic plates. Though scientists in the geologically active country record around 14,000 earthquakes a year, only about 150 are felt by residents and fewer than 10 cause any damage.

China: State firms to hand over more profits

(AP:BEIJING) A government spokesman says China's big state-owned companies will be required to hand over more profits to the national treasury as Beijing boosts development of smaller and private companies.

The deputy chairman of the Cabinet commission that oversees China's biggest banks and other companies said Tuesday the move is part of efforts to make state industry more efficient and market-oriented.

China's major state companies currently turn over 10 to 15 percent of their profits to the government. That has prompted public complaints that banks, oil producers and other state companies that benefit from government support are failing to share enough of their profits from China's boom.

The ruling Communist Party's latest five-year economic plan calls for reducing support to major state companies and encouraging smaller businesses and service industries.