Published: Sep 03, 2010 9:29 PM EDT
Updated: Sep 03, 2010 6:29 PM EDT

NEW ZEALAND - We are following a developing story out of New Zealand where a powerful earthquake has caused some buildings to collapse and knocked out power to parts of the country.

The 7.4 magnitude quake struck much of New Zealand's South Island.

No tsunami alert was issued and there were no reports of injuries.