News when you want it with Bloomberg News now.

I'm Monica Rix.

President Trump is hailing an historic deal with Venezuela,

which he says will more than double American oil reserves at a time

when oil and gas prices are rising with the war in Iran.

But Bloomberg's Jeff Mason tells us details of this plan are still murky

and could come with potential legal challenges.

They haven't given any sense of how soon oil would be flowing

from these reserves, or from these fields that the U.S.

will now have access to.

It's certainly hard to believe that that's going to have an effect on prices

of gasoline between now and the midterms.

So I think long term is exactly the perspective that is appropriate here.

White House reporter Jeff Mason on Bloomberg this weekend.

A U.S.

official says production from the new venture will help supply at cost oil,

fill up strategic petroleum reserves and help meet American military needs.

In Ukraine, a Russian drone attack killed at least 37

people overnight near Kyiv, where a regional military chief says strikes

damaged dozens of residential buildings, forcing hundreds to evacuate.

A warehouse also exploded in the attack, and Ukrainian President

Volodymyr Zelensky says they've opened criminal negligence proceedings.

Warning ammo can't be stored near homes.

Nepal is now seeking international help as rescue workers struggle

to cope with limited resources following catastrophic flash floods.

President Trump pledged support there earlier this week.

We are sending aid

and we've spoken to the leadership and we let them know anything they want.

We'll have more than 620 people have now died

and more than 24,000 are unaccounted for.

Some are American here at home.

Federal Reserve Chairman Kevin Warsh his speech

yesterday in Wyoming has now set up the central bank's September policy

meeting as a pivotal moment in its mission to tame inflation.

Warsh warned price pressures have yet to meaningfully slow

the Fed's price stability objective of 2%, as measured

by the PC Price Index, is a firm, fixed target.

Achieving both sides of our mandate over the medium term is not an either

or proposition.

But analysts say

Warsh may have little option but to raise interest rates this year

if inflation remains well above the central bank's 2% target.

Right now, it's at 3.7%, driven largely by higher energy

costs and soaring demand linked to the artificial intelligence boom.

President Trump escalated a trade war with Canada this week

by signing a directive renaming Lake Ontario to Lake America.

Bloomberg's Derek Decloet has more from Toronto.

What Canada wants

is to have tariffs low enough that they can save the auto industry here,

including plants of General Motors and Ford and, you know, and Honda

that are, you know, quite productive and quite economically important.

And then to buy time economically so that

the country can diversify its trading relationships.

You know, there's a very ambitious goal

set out by Mark Carney to double the amount of non U.S.

exports from Canada over ten years. That takes time.

You have to build infrastructure.

You need new ports. You need dual pipelines.

And so that is sort of the long range plan.

That's reporter Derek Decloet on Bloomberg this weekend.

The Trump administration is discussing additional trade penalties

and actions against Canada following Ottawa's countermeasures.

But high level trade talks

between the two sides likely won't resume until after midterms.

thousands gathered on the National Mall yesterday for a defend

the vote March 63rd years to the day of Martin Luther King Jr.

march on Washington.

New York Congresswoman Alexandria Ocasio-Cortez.

We the people demand full protected

and restored voting rights in the United States of America.

It comes as the Trump administration appeals a judge's order halting new U.S.

postal restrictions on mail in ballots

massive effort to rename Nashville International Airport

for Dolly Parton is growing,

More than 160,000 people have signed an online petition for the change,

including singer Sheryl Crow and Tennessee Governor Bill Lee.

It would be among a ton of tributes that are pouring in for the superstar,

who died this week of cancer at 80.

And that's news when you want it with Bloomberg News now.

I'm Monica Rix and this is Bloomberg.