Blasts, smoke in heart of Toronto financial district

Loud blasts have been heard in Toronto's financial district and smoke is billowing from under a busy street.

Toronto police spokeswoman Allyson Douglas Cook says the fire department has indicated that underground transformers are the possible source of Monday's situation. She says there are no indications it is terrorism related. Officials are still investigating the cause.

Police are clearing the normally busy King street in front of the Bank of Nova Scotia headquarters during rush hour. The area is where Toronto's five major banks are headquartered.

No injuries have been reported.