President Rafael Correa announced Wednesday night that he is raising sales taxes and will charge a one-time levy on millionaires to rebuild cities devastated by Ecuador's worst earthquake in decades. In a televised address, Correa said damages from the 7.8-magnitude quake will likely run into the billions of dollars, adding to already heavy economic hardships triggered by the collapse in world oil prices.
A shallow 5.1-magnitude earthquake has struck the Ecuadorian capital Quito, triggering landslides that killed at least two people and violently shaking buildings and homes. Another eight people were injured and three others trapped in the landslides at quarries on the outskirts of Quito, the country's risk management agency said on Twitter.