Magnitude 7.0 earthquake hits Papua New Guinea, no tsunami alert Tue Apr 17, 2012 3:46am EDT (Reuters) - A 7.0 magnitude earthquake struck off the north coast of Papua New Guinea on Tuesday, the U.S. Geological Survey reported. The quake struck at a depth of 125.5 miles and was centered 137 km north of Lae, Papua New Guinea's second-largest city, The Pacific Tsunami Warning Center said no destructive Pacific-wide tsunami was expected. Papua New Guinea is on the geologically active Pacific Ring of Fire and suffers many earthquakes but often avoids major damage and casualties because most of its people live in light and flexible housing. However, more than 2,000 people were killed in 1998 when a 7.0 magnitude quake struck off Papua New Guinea's north coast, causing a tsunami that smashed into isolated villages. Reporting y Maggie Lu YueYang; Editing by Sanjeev Miglani