The corporate regulator has issued a temporary 21 day stop order to life insurer Clearview Life. 

This means that Clearview can't sell its ClearChoice Income Protection Cover and Accidental Income Protection Cover to new customers. 

The Australian Investments and Securities Commission says it's worried that the product may not be suitable for some consumers. 

"ASIC was concerned that the TMD (target market determination) failed to consider the impact of key eligibility criteria (eg age and minimum employment criteria) on the suitability of the product for certain classes of consumers.

"As a result, ASIC was concerned that the target market contained classes of consumers for whom the product was not likely to be appropriate."

It's the latest stop order issued by ASIC on an insurance product. 

Most of ASIC's 81 stop orders have been lifted. 

Here are the top movers on the ASX 200 index. 

• NRW Holdings +5.1%
• Block +2.9%
• AGL Energy 2.8%
• Syrah Resources -16.3%
• Ansell -14%
• Imugene -5.1%

• ASX 200: -0.2% to 7,284
• Australian dollar: -0.1% to 68.09 US cents
• Nikkei 225: +0.3% to 32,494
• Shanghai: -0.2% to 3,203
• Hang Seng: -1.9% to 19,036
• Dow Jones: +0.2% to 34,585
• S&P 500: +0.4% to 4,523
• Nasdaq: +0.9% to 14,245
• FTSE: -0.4% to 7,406
• Euro Stoxx 600: -0.6% to 458
• Spot gold: +0.2% to $US1957.89/ounce
• Brent crude: +0.1%to $US78.56/barrel
• Iron ore: -1.2% to $US112.90/ton
• Bitcoin: +0.5 to $US30,089

The Australian share market has ended the day in the red, but came off its low point. 

The ASX 200 index lost 0.2 per cent with most sectors ending lower. 

Real estate, energy stocks, and consumer firms weighed on the market after the Reserve Bank indicated it could raise interest rates again to curb inflation. 

The financial sector did the best on the prospect of higher interest rates, with National Australia Bank (+2 per cent) doing the best of the big four banks. 

The real estate sector was dragged down by property developer Lend Lease (-4.9 per cent) after it announced it planned to cut 10 per cent of its workforce.

Rubber glove and personal protective equipment maker Ansell (-14 per cent) shares slumped after it reported it would temporarily slow production to reduce high levels of inventory and cut manufacturing jobs to improve cash flow. 

It warned the move would temporarily lower profit. 

Graphite producer Syrah Resources (-16.3 per cent) is waiting for prices to pick up in China before it restarts production at its Mozambique operations. 

It produced 15,000 tonnes of graphite over the June quarter, significantly lower than the 44,000 tonnes a year ago. 

Fortescue Metals has been hit by a cyber attack which is being claimed by a Russian ransomware gang. 

Fortescue says it suffered a low-impact cyber incident in late May which did not involve confidential information. 

"We take the protection of our employees’ personal information seriously and we have strong measures in place to safeguard our business from potential cyber threats.

"Despite these efforts, Fortescue was subject to a low impact cyber incident on 28 May 2023 which resulted in the disclosure of a small portion of data from our networks.

"Importantly, our investigations showed that this information was not confidential in nature.

"We notified the Australian Cyber Security Centre of the incident, and our internal investigation and remediation actions are now complete."

Russian ransomeware gang Cl0p released the personal data of some Rio Tinto staff on the dark web in April 

The gang has stolen data from more than 120 companies including Rio Tinto, Crown Resorts, and Siemens Energy. 

Chinese property developer Evergrande is looking to restructure its business after making a combined loss of $US81 billion ($119 billion) over two years. 

The huge losses were caused by return of lands, write-down of properties, losses on financial assets and finance costs, it said.

The company is the world's most indebted property developer, which defaulted in late 2021 and has been struggling to repay its suppliers and creditors. 

The firm announced a debt restructuring plan in March and has asked to convene meetings for offshore creditors to approve its credit overhaul plan. 

Court hearings are set to take place next week in Hong Kong and the Cayman Islands. 

Evergrande's problems have spread through the Chinese property sector, leading to a string of defaults and unfinished homes across China after the government restricted borrowing by developers. 

Reuters/Bloomberg

Consulting firm EY was in the hot seat today at the Senate inquiry into consulting firms, which was sparked by the PwC tax scandal. 

EY's chief executive for Oceania David Larocca told the committee that PwC's actions were "deeply disturbing and disappointing conduct."

"The practices that triggered the establishment of this inquiry are not the way we do business." 

But senators concentrated on the pay of EY partners. 

EY Oceania boss David Larocca was forced by Labor senator Deborah O'Neill to justify his $2.8 million salary. 

"So you're earning five times the value of the prime minister, does that seem like a fair recompense?" Ms O'Neill asked. 

"Firstly, I don't set my partner income. And I'm not here to compare my income with the prime minister's, with a premier, with a government secretary, with any of our clients.

"There's not a day when I don't think how privileged I am," Mr Larocca told the committee. 

The committee heard yesterday that Deloitte boss Adam Powick was paid $3.5 million, while sacked former PwC boss Tom Seymour was paid $4.6 million.

EY told the committee that its revenue in 2023 was $2.75 billion, 25 per cent of which, or around $700 million, came from government contracts. 

My colleague Nour Haydar takes a look at today's hearing. 

The newly created federal corruption watchdog has received more than 400 referrals in just over two weeks of operation. 

The National Anti-Corruption Commission says it received 437 referrals by close of business yesterday. 

The NACC says 12 per cent of the referrals relate to matters well publicised in the media. 

Consulting firm PwC has been referred to the commission over its leak of confidential government tax information to help its clients pay less tax. 

NACC commissioner Paul Brereton has warned against the commission being used as a political weapon. 

HSBC says US investors are bailing out of funds with an environmental, social and governance focus. 

The bank surveyed 310 investors around the world, who manage $US8.9 trillion in funds, about ESG strategies. 

Economic and regulatory concerns and an anti-ESG campaign by some Republicans in the US are some of the reasons behind the outflow. 

BlackRock boss Larry Fink said last month he had stopped using the term ESG because it has become too politicised. 

The Business presenter Kirsten Aiken spoke to the global head of ESG Research at HSBC, Wai-Shin Chan, who says the concerns are only apparent in the US and not elsewhere. 

Rabobank says Russia's withdrawal from a UN-brokered grain deal with Ukraine means global grain prices will be volatile. 

The deal saw more than 32 million tonnes of Ukrainian grain exported to 45 countries over the past year through its Black Sea ports. 

Rabobank senior grains analyst Dennis Voznesenski says grain prices have been on a rollercoaster since the agreement expired overnight as the market "attempts to decodify the impact on international trade flows".

"The main question will be whether Ukraine continues to export through the Black Sea without the safety of the grain corridor.

"Prices will continue to be volatile until the market is able to decipher the end impact," he said.

Mr Voznesenski says Ukraine has been building up alternatives to its Black Sea grain ports, but they can't fully compensate for the loss of port access. 

“More than 40 per cent of Ukraine’s grains and oil seeds exports moved through the grain corridor in recent months, with the remainder moving over road and rail into eastern Europe and through the Danube river system.

"The Danube river system export capacity has been increasing substantially since the war started, but more expansion will take time.”

He also says the expiry of the deal could affect Russia's grain exports. 

"Any exemptions that Russia was given by the West in return to signing up to the grain corridor will likely become void, possibly slowing its export abilities."