Financial crisis weighs on executives' minds

By Patrick M. Fitzgibbons

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

While different companies were affected differently, most executives were keeping a close eye on Washington to see if the House of Representatives would follow the Senate and approve a $700 billion bailout package designed to halt the crisis.

In a series of interviews with Reuters reporters, these executives -- from industries as varied as health care, construction and fertilizer -- spoke of the widening global credit crisis and their many concerns.

This is Reuters' second wrap-up of executive comments.

The following are excerpts and highlights from interviews with executives on Thursday:

BAYER HEALTH-CARE HEAD ARTHUR HIGGINS

Germany's Bayer sees the current credit crisis as an opportunity to buy assets at favorable prices that can fuel future growth in its key health-care division.

Higgins said he wouldn't rush to strike deals before the dust had settled on "the new world order" but he was confident the group's healthy cash and credit position meant it would emerge a winner.

"We see this as an opportunity and we would hope to be able to take advantage of that opportunity in the next three to 24 months," he said in a telephone interview from Brussels.

"We are committed to looking at ways to expand our health-care business inorganically. We believe that we are better positioned than many of our competitors."

SCHLUMBERGER LTD CEO ANDREW GOULD

The chief executive of the world's largest oilfield services company, said it will take six months to see whether the credit crisis sparks a global recession that hurts oil and gas demand.

"I think that we will know in the next six months," Gould told Reuters.

But so far, it is business as usual for the company. Gould said Schlumberger has yet to see any pullback in spending on exploration and production from its customers, but the company is watching intently for any signs that budgets are being cut.

"We will do our yearly plan, and we will keep everyone extremely alert to signs, and if we have to revise it when those signs appear, we will do so," the executive said.