BETWEEN THE HEDGES: Today's Headlines

Bloomberg:

May Scrapes Together Government as Tory Backlash Begins. Embattled U.K. Prime Minister Theresa May scraped together a government by reaching a deal with a Northern Irish party, while one newspaper said Foreign Secretary Boris Johnson is preparing to vie for her job after the Conservative party’s disastrous election showing. Johnson plans to take advantage of May’s weakened state to launch a bid to become Prime Minister, the Mail on Sunday reported, citing a close ally of Johnson. The foreign secretary called the report “tripe” in a tweet and said he was supporting May.

Qatar Assets Pile Up Losses as Tension With Arab Nations Swells. Investors in Qatari stocks, bonds and currency forwards were unexpectedly saddled with losses this week as the country was thrust into the epicenter of an unprecedented spat with its neighbors.

Emerging-Market Debt's Frayed Edges. Investors are deepening their love affair with emerging-market debt at a time of profound complacency in stocks and bonds. As they do so, some buyers may be disregarding some fundamental facts.

Google(GOOGL) Execs Hunker Down for Summer Fight With EU as Fines Loom. As European Union officials count the days before their annual vacation, Google’s lawyers and lobbyists are hunkering down in Brussels, preparing for what may be a record EU antitrust fine. A penalty in the shopping-search probe could come within weeks and many expect it to exceed a $1.2 billion fine on Intel Corp. in 2009.

Wall Street Journal:

U.K. Conservatives Get Votes to Govern as Minority Administration. Theresa May’s party strikes so-called confidence-and-supply arrangement with Northern Irish lawmakers.

Boeing’s Sale of Up to 60 Commercial Jets to Iran Takes Next Step. Transaction still requires U.S. government approval; Boeing says it would help sustain 18,000 jobs.

Trump Can Take Payments From Foreign Governments, U.S. Says. George Washington did it, so Donald Trump can, too. That’s the Justice Department’s take on why the 45th president isn’t violating the U.S. Constitution by accepting payments for goods and services from foreign governments without congressional approval.

Barron's: