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It plans to double the nation's sales tax rate to 10 percent to continue financing the country's social welfare system, Japan's ruling party has said.

The Kyoto News said on Friday that Prime Minister Naoto Kan of the ruling Democratic Party of Japan said the country needs a comprehensive reform in its tax system, urging opposition parties to join related parliament debates.

But some within his own coalition criticized his proposal for doubling the 5 percent consumption tax rate.

Sources have revealed that the New Zealand navy has taken delivery of the 1,900-ton HMNZ Wellington, the last ship in a 12-vessel modernization program.

The Wellington, which sailed from the manufacturer's dockyard in Australia, arrived at Devonport Naval Base in Auckland to an official welcome that included a haka, the traditional Maori dance done before a battle.

The National Retail Federation has said that several brand-name U. S. retailers are upgrading their online offerings as Internet sales reached $134 billion last year.

The Los Angeles Times reported on Friday that by the numbers, Internet sales are still a sideline for most retailers, making up 7 percent of all sales last year. Still, in a tight economy, retailers are not missing chances to expand their offerings in a venue that requires less sales staff and expensive commercial retail space.

It has been reported that as the dollar index dropped 0.13 percent Crude oil prices rose above $77 per barrel Friday on the New York Mercantile Exchange.

Rising 53 cents from a prior settlement, July delivery crude oil prices went up to $77.32 per barrel.

Reaching $2.1328 per gallon, heating oil prices for July delivery lost 0.0146 cents.

Reformulated gasoline blend-stock prices shed 0.0067 cents to $2.1573 per gallon.

It has been reported that U. S. markets finished nearly flat on Friday and stocks around the globe were mixed.

The Dow Jones industrial average, by close of trading in New York, added 16.47 points, 0.16 percent, to 10,450.64.

The Standard & Poor's 500 index added 1.47 points, 0.13 percent, to 1,117.51.

Adding 2.64 points or 0.11 percent, the Nasdaq composite index went up to 2,309.80.

The benchmark 10-year Treasury note fell 9/32 to yield 3.225 percent.

According to the official reports, the European Union has put out a welcome mat for Iceland to apply to join its ranks, but warned membership requires resolving its banking issues first.

The EUobserver reported on Friday that both Britain and the Netherlands demanded the wording of the invitation before the start of official discussions on Iceland joining the EU include the stipulation that it first pay for losses incurred when several of its banks failed during the financial meltdown in the fall of 2008.