Financial crisis weighs on executives' minds

NEW YORK/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 the bailout will not be enough.

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

DEVON ENERGY CORP'S PRESIDENT JOHN RICHELS

Richels expects the current credit squeeze will force many mid-size players in the oil and gas industry who are short of cash to merge in order to fund their operations.

"You're going to see a lot of consolidation among the intermediate group, mid-size companies that will see an advantage in becoming larger size and having a larger scale and being able to take advantage of some of the economies of scale," he said.

"A lot of people put together some pretty exciting and highly prospective assets and there is going to be a squeeze on their ability to be able to develop that," he added. "The likelihood of consolidation is going to be higher in the next few years than it has been."

FIRST SOLAR INC CHAIRMAN AND CEO MICHAEL AHEARN

The solar cell maker has felt no immediate effect on its business from the financial crisis and could take on a role in financing new projects or buying new technologies, he said.

The maker of thin-film photovoltaic cells told the Reuters Global Environment Summit that the fast-growing industry would likely face higher costs of capital because of the credit crisis, and that First Solar could help finance new projects.

"First Solar is in a relatively strong position," Ahearn said. "There may be some be opportunities for us to help facilitate lower-cost credit."

HSBC HOLDINGS CEO MICHAEL GEOGHEGAN

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