Financial crisis weighs on executives' minds

SINGAPORE (Reuters) - The most serious financial crisis in decades has caused business executives and government officials around the world to rein in their expectations for short- and long-term growth and warn that business volatility will be around for some time.

In a series of interviews with Reuters reporters, executives -- from industries as varied as oil to property to construction crane rentals -- spoke of the widening global credit crisis and their many concerns.

Most said they were keeping a close eye on Washington, to see how the $700 billion bailout package designed to halt the crisis would work.

Stock markets around the world continue to struggle due to concerns that the bailout and action by central banks around the world will not be enough.

This is Reuters' seventh wrap-up of comments on the crisis.

Following are excerpts and highlights from interviews with executives on Thursday and late Wednesday:

AUTODESK INC CHIEF EXECUTIVE CARL BASS

Engineering software maker Autodesk reckons "procrastination" is a prudent business strategy, and is holding off on executing long-range investment plans as customers scramble for cash amid the spreading global credit crunch. Autodesk, which includes nearly all the Fortune 500 companies as clients, was preparing for the worst as global recession loomed, Bass said.

"Credit is certainly drying up for customers," Bass said. "If you don't have the credit to buy inventory and make payroll, you're not going to be buying software."

HSBC HOLDINGS CHIEF EXECUTIVE MICHAEL GEOGHEGAN

The chief executive of Europe's biggest bank said a UK rescue plan for banks unveiled on Wednesday set a dangerous precedent but the government had little choice.

"I sympathize with the British taxpayer. I don't think it is right that the British taxpayer should need to bail out banks ... it sets a bad precedent, but the government had no alternative."

Geoghegan said it was too early for HSBC to look at acquisitions. He expected "light at the end of the tunnel" for the credit crisis by 2010 or 2011.

COMMONWEALTH BANK OF AUSTRALIA CHIEF RALPH NORRIS CBA is seeing the largest increase in deposits in the bank's history, Norris said, as nervous investors pull their money out of rocky financial markets and turn to cash. But he added wholesale funding costs remained a problem in the international markets, and said it may be another 12-18 months before markets return to some resemblance of stability or normalcy.

THAI AIRWAYS PRESIDENT APINAN SUMANASENI

Thai Airways said it would cut flights to Asian countries from next week due to a fall in passenger numbers because of political unrest in Thailand and the global financial crisis, and will also delay investments.

CHINA STATE CONSTRUCTION CEO SAMMY ZHOU

The builder, which focuses on government construction projects outside China and invests in infrastructure projects in China, will be more cautious in selecting new investments and cut capital spending this year as the global financial crisis weighs, Zhou said. But he expected the financial storm would have limited longer-term impact on the firm's core business.

RUBY TUESDAY CHIEF EXECUTIVE SANDY BEALL

"With the weaker economy, housing crisis, and high energy prices, consumers are thinking differently and spending less as reflected in our and the industry's sales," said Beall, adding the restaurant chain is focusing on paying down debt. (Compiled by Kim Coghill, Asia desk)