![]() Call or email us at infomosaics.nyc - 1 (212). Ceramic Mosaic Art offers the highest quality mosaics guaranteed, by our US-based manufacturers, for the life of your pool. The mosaics.nyc glass mosaic pattern shop is the premier destination for you mosaic glass tile needs. However, if the designs you see are not exactly what you want, then we are more than happy to create a custom mosaic from your own design. Since that time, Ceramic Mosaic Art's offering has expanded to include Porcelain and Glass Mosaics along with Polyester Resin Glow Mosaics with phosphorescent glow-in-the-dark particles. With our wide selection, you can find just about any mosaic you would like for your swimming pool, spa, out-doors kitchen backsplash, and countertops, table tops, bathroom walls, and floor, or just about any place you would like to add color and excitement. With this information and more research, Bob opened the first eCommerce website for Swimming Pool Mosaics in 2000, making it easy for customers to view an extensive range of mosaics and order from the comfort of their homes. Mosaic is the art of creating images with an assemblage of small pieces of colored glass, stone, or other materials. Browse subway pattern designs of unique and elegant mosaic tiles to find the. After a little investigation, Bob discovered that mosaics were not being sold online you had to go to a storefront to view designs and order mosaics. The uncommon brilliance of glass tile is perfect for your waterline or as a. ![]() ![]() The manufacturing processes have also improved from simple, almost cartoonish, designs to designs with multi-layers of colors creating an almost life-like design. The variety of designs ranges from Sea Life to Party Mosaics to Tribal Inspired designs.Ĭeramic Mosaic Art has been offering the largest selection of hand-crafted swimming pool art online since June 2000. Prior to that time, Bob Rogers was successfully selling and installing swimming pool mosaics in his local area. As the demand for Swimming Pool Mosaics has increased, so has the variety of materials and designs. Besides ceramic, mosaics are now also made with porcelain and glass. I used a DK weight yarn (details below) and made the small Lapghan size measuring 36 x 46 with the border. Increase the aesthetic value of your new or refinished swimming pool with the addition of hand-crafted Swimming Pool Mosaics. Over the past three to four decades, pool owners have increasingly been wanting to add more fun and excitement to their swimming experience by adding colorful, glossy mosaics to their pools. Spring Fling is an overlay mosaic crochet pattern with the feel of spring Included in the pattern are some different color combination ideas.
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![]() ![]() ![]() Some apps installed using the Mac package installer will prompt you for a password when you try to move it to the Trash. Most 3rd party apps can be smoothly uninstalled in that way, but you cannot delete built-in apps by doing this. This drag-to-delete method works in all versions of Mac OS X. Right click the Trash icon and select Empty Trash option to start the uninstall.Drag Icon Scaler 1.2 to the Trash (or right click on it and then select Move to Trash option).Open up the Finder, click Applications on the left side, and then select Icon Scaler 1.2.Option 1: Drag Icon Scaler 1.2 icon to the Trash If Icon Scaler 1.2 cannot be quit normally, you can select the app in Activity Monitor, click the large red “Quit Process” button in the left corner and click Force Quit button in the pop-up dialog. ![]() To deactivate an app, right click its icon in the dock and select Quit option (or choose Icon Scaler 1.2 > Quit Icon Scaler 1.2 on the Menu bar).Īlso, you can access the Activity Monitor (located in /Applications/Utilities/ folder), and see if there is any background process pertaining to the app. Prior to the removal of Icon Scaler 1.2, you should first log into your Mac with an administrator account, and turn Icon Scaler 1.2 off if it is running. In this post we will discuss the following questions: (1) What is the correct way to uninstall Icon Scaler 1.2? (2) How to ensure all its accompanying components are removed safely? And (3) is there a shortcut for both Mac novices and experts to take to accomplish Icon Scaler 1.2 removal effortlessly? Conventional Steps to Uninstall Icon Scaler 1.2 for Mac Even for the experienced users, they may also get lost when trying to uninstall a problematic, stubborn or even malicious application. In the latter case it is quite necessary to clean out those junk files from your Mac for complete removal.įor some novice users, they may have no idea how to remove Icon Scaler 1.2 in a proper way. These vestiges can be very small in size, thus leaving them alone may not affect your Mac performance, yet they can also be a large chunks of useless files that occupy a large portion of your hard drive space. However, a fact is often neglected that, even the stand-alone software may might still leave its configuration and preferences files on multiple system directories after you carry out a basic uninstall. Generally speaking, most Mac applications are separate bundles that contain the executable and any associated resources for the app, and therefore users can easily remove any unwanted software (if they are installed properly) from their Macs. In normal cases Mac users just need to simply drag and drop the target app to the Trash and then empty the Trash to perform the standard uninstallation. Uninstalling applications in macOS/Mac OS X is quite different from that in Windows operating system. Things you should know about Mac app removal: How to uninstall Icon Scaler 1.2 on Mac computer? If you encounter problem when trying to delete Icon Scaler 1.2 as well as its associated components, read through this removal tutorial and learn about how to perfectly remove any unwanted applications on your Mac. How Can I Uninstall Icon Scaler 1.2 from My Mac ![]() Since I use PS maybe twice a year it is reasonable to try to use my old legacy CS3 copy. Now someone will likely suggest I just pay for the subscription plan. Bottom line, CS3 will run but only for 30 days and then. And all serial numbers of these older legacy apps are retired. So, I engaged one of Adobe’s friendly support chaps (sarcasm intended) via online chat who informed me that Adobe has retired all of the servers that were used for activating and supporting registrations for application starting with CS3 and older. I tried different ways to activate, but no luck. when I tried to activate it (with the correct serial number) I reached a dead end.Īfter logging onto my Adobe account, the activation failed. ?!?! So, the Java SE6 file accommodated the successful installation of my licensed Photoshop CS3 copy. Late Edit: Found this - will try tomorrow and report back. It just will not run without the SE6 Runtime installed. Installing CS3 on my old laptop is simple enough. I would have no clue what to use or how to proceed. That said, there are literally hundreds of version of SE6 files. In order to use a file(s) you have to have an oracle account. I've been to this page before, but not for awhile. I would rather not spend a $120 a year for the LR-PS subscription if I don’t have to. So, if I could use the old laptop and the old, stand-along version of Photoshop that I own, I could discontinue my LR-PS CC subscription. My motivation for wanting to do this is that I only need Photoshop to do some print preparation - adding several images to a large canvas that I get printed by a service in New Jersey and I only do this maybe once a year. So, I’m stuck until (or unless) I can find that file or some workaround to replace it. But that Java version cannot be found anywhere it’s much too old. Of course, CS3 is 32-bit only which is no problem since my old laptop is running High Sierra and cannot be upgraded above that.īut my problem is that CS3 requires legacy Java SE6 Runtime installed on this old laptop in order for CS3 to install and to work. The CS3 copy I have is a legitimate DVD install disk I own. Instead I use my every-day Mid 2015 MBP that has the latest Photoshop CC (subscription) running on Catalina. This laptop is a back up computer I seldom use. Instead of an image editing question, this post is an inquiry that is more a technical question about how to find a file to help install an old licensed version I own of Photoshop CS3 on an older Mid 2010 MacBook Pro with a DVD drive. I could not think of where I could post this to get some feedback, so here goes. But after successfully getting CS3 installed, I ran into a complete roadblock by Adobe that killed (for now) this little project. I originally posted this thread about the issue of trying to find a Jave SE6 Runtime file necessary to make Photoshop CS3 work on an old MBP laptop that cannot be upgraded past High Sierra 10.13.x. Adobe Retired CS3 Registrations - My Failed Attempt to Install. ![]() ![]() Magallanes is one of the Chile’s largest regions however, it is also one of the least populated. In addition to these, Antarctica joines the list, as it is just over 1,000 km to the South. In addition to the name “Patagonia,” other landmarks that make up this territory are: Estrecho de Magallanes (Magallanes Strait), Tierra del Fuego, Canal Beagle (Beagle Channel), Cabo de Hornos (Cape Horn), Campo de Hielo Sur (Souther Ice Field) and Torres del Paine. With this comes a hostile, and even sometimes unpredictable, climate, which complement the difficult, wild character of Patagonia’s extreme southern tip. The geography has been shaped by the work of glaciers, which has given these granite giants majestic forms and has created a labyrinth of fjords and islands that add more than 40,000 kilometers of coastline. According to the 2017 Census, the region has a total population of 166.533 inhabitants, with a density of 1.26 habitants per km2. The region’s area is 132.291,10 km2 of total Southamerican territory. ![]() This time tomorrow I will have just finished the final de rig and hope to head to Valle de Luna in San Pedro with others in the team, to see an epic sunset and the stars before heading back to the UK on Tuesday.The Magallanes and Chilean Antarctic Region (48☃6′ a 56☃0′ Southern Latitude), corresponds to Southern Chilean Patagonia, whose capital is Punta Arenas and second most-populated city is Puerto Natales. This saves a third of carbon output vs using air freight. We engage with Extreme E’s legacy projects around the world and all our kit is shipped on the championship ship – the St Helena. 15,000 disposable cups are saved per eventĪ significantly reduced crew with lots of people covering more than one role whilst on site helps reduce our carbon footprint.75,000 plastic bottles were saved last year.In order to save waste and single use plastic, every person on site has to bring and wash up their own plates, cutlery cups etc. It’s not glamorous but a pair of sturdy walking boots!Ĭan you tell us about any elements of this production which are sustainable? What’s the one piece of kit you couldn’t be without on location? On this event we had to battle “dust devils” (imagine a mini dusty tornado) that frequently ripped through the TV compound. There are always unforeseen situations which we have to be able to react to as quickly as possible. ![]() We have worked in a range of conditions that push the crew and kit to the limit and a big part of my job is to plan ahead as often there are no amenities to buy things locally once we’re on location. We build everything from the satellites that send the pictures back to London to broadcast the show worldwide, to upcycling of raw materials to build camera platforms and making sure that all crew feel a similar sense of achievement and fulfilment when heading home. We often race in locations so remote they start with no infrastructure. What are the challenges of working in this location? The day started with a 5am call time to begin our 90 minute journey to the race site in the Atacama Desert, one of the most extreme locations I’ve worked in so far. Today is race day at the Antofagasta Minerals Copper X Prix. From here I had great mentors within the company that allowed me to take on more work gradually and helped me to understand what goes on behind the scenes to make a production run the way it does. I also worked as a runner on UK productions to gain on site experience. From here I tried to gain as much experience as I could on any productions that were coming in and helping the production managers with anything they needed, to get an understanding of how everything worked. I started at Aurora in 2016 as the office co-ordinator / PA to our Managing Director. I’m Kelsey Gallagher, a Production Manager on Extreme E.Ī little bit about your background and how you got here? Hi, can you start by telling us your name and job title here at Aurora? They could play a fledgling program that nearly guaranteed a win while racking up the maximum number of computer points.įerree and others raised red flags with officials, reporters and other schools as COF Academy continued to play games and confuse onlookers. It quickly became apparent that they were not a real school, and there were no classes going on.”īecause they portrayed themselves as a Division 1 school, a matchup against COF Academy became a favorable one for Ohio schools. We said, ‘OK, if you want to join, there’s a process.’ They gave us documentation and one of the things they provided was an address that led nowhere. But they kept saying, ‘No, no, it’s legitimate.’ Roy Johnson came to the OHSAA office and said they wanted to do things by the book and even wanted to join the OHSAA. “A first-year program with 750 boys? That’s not possible. “Immediately, it didn’t pass the smell test,” he says. So to get to the bottom of the COF Academy situation, he called to ask for their enrollment and spoke to Johnson himself, who told Ferree that COF Academy would have 750 students. That proved challenging with a team that didn’t have a website, roster or paper trail of any kind.Īs the resident “jack of all trades,” one of Ferree’s tasks was investigations into occasionally complex or difficult topics. Because the OHSAA’s playoff system is decided by a computer algorithm that assigns points for results based on division-which is in turn based on enrollment-the OHSAA has to have an enrollment figure for each opponent. Outside of Ohio, they played major programs like IMG and North Allegheny in Wexford, Pennsylvania.Īt the time, Ben Ferree was the assistant director of officiating and sport management at the Ohio High School Athletic Association, the governing body for Ohio high school sports.įerree’s interest in COF Academy began when teams started scheduling in 2018. ![]() The team’s in-state schedule alone featured Huber Heights Wayne, Cleveland St. But these weren’t just any teams-COF Academy was drawing top-tier matchups across Ohio and beyond. The program began as Christians of Faith Academy, known as COF Academy, and drew attention when it began appearing on the schedules of high school football teams. In fact, the story began in 2018, when Bishop Sycamore operated under a different name and Ohio high school sports officials began raising concerns. This wasn’t even the first time they had played IMG. The school didn’t come out of nowhere, and it didn’t start this year. Lost in the shuffle, however, is the fact that Bishop Sycamore isn’t brand new. Sycamore players looked tired and withstood huge hits throughout the game, leading many to wonder on social media how the matchup made its way to the flagship station of the Worldwide Leader. Sycamore was obviously outmatched, trailing 30-0 midway through the second quarter in a game that would end 58-0. The matchup was part of the GEICO ESPN High School Football Kickoff, a seven-game slate meant to highlight exciting programs from across the country.īut instead of a showcase, the game served as a national conversation-starter. Sunday afternoon, ESPN aired a high school football game between IMG Academy-a Florida school known as one of the biggest football powerhouses in the country-and a school called Bishop Sycamore, which arrived on the national scene as a complete unknown. ![]() But it feels like the biggest story in American sports centers around a high school football matchup involving a Columbus program that no one heard of a week ago. College football season is ramping up, and the NFL is about to kick off. ![]() Ensure that smartguidepoint.dx2 is in the driveinfo folder. **If you already have a file named smartguidepoint.dx2 in the folder, replace it with theħ. Select and copy the “smartguidepoint.dx2” file and drag it into the driveinfo folder. Insert SD card into the adapter, and then insert it into your Mac.ģ. Open your web browser and go to and select “Support”, then “Downloads”ĥ. Once the download(smartguidepoint.dx2) is complete, go back to the SD card folder and open the folder “driveinfo”.Ħ. Your dash cam will normally power on and you will hear "Continuous Recording will now start." Once you are done, safely remove the SD card from your PC and insert it back into your dash cam. Paste the “smartguidepoint.dx2” file into the “driveinfo” folder. Once copied, return to SD card folder and open the "driveinfo” folder.Ĩ. ![]() ![]() Select and copy the “smartguidepoint.dx2” file.ħ. Once the download is complete, open the ZIP file.Ħ. Select your dash cam model and download the speed cam data file.ĥ. Locate the SD card under the “My PC” section of File Explorer.ģ. Open your web browser and go to and select “Support”, then “Downloads”.Ĥ. Insert the SD card into the adapter, and then insert it into your PC.Ģ. How to update Safety Camera Data (Windows OS) Red light cameras, average speed limits and mobile speed zones in your area. The Safety Camera feature requires the use of GPS (built-in or external GPS antenna).Įnabling the Safety Camera feature will allow the dash cam to sound warnings regarding speed cameras, **The Safety Camera Data update must be done separately from the Firmware Update. Ensure your dash cam stays powered on for the duration of the update. Once your dash cam powers on, you will hear “Update will now start.” This may take a few minutes to complete. Insert the SD card into your dash cam and power it on. Safely eject the adapter from your Mac, and then remove the SD card from adapter. Select the formatted SD card and paste the items.ĩ. Select all items that are in the folder and copy the items.Ĩ. Once the download is complete, open the ZIP file to unzip it.ħ. Select your dash cam model and download the firmware file.ĥ. ![]() Open your web browser and go to and select “Support”, then “Downloads”.Ĥ. Insert the SD card into the adapter, and then into your Mac.ģ. You are safe to power off or use the dash cam once you hear “Update complete. Once the dash cam powers on, you will hear “Update will now start.” This may take a few minutes to complete. Now that the firmware file is on the SD card, we need to upload this to your dash cam. You can now remove the SD card from your PC.ġ1. Once copied, right-click the name of the SD card and select “Eject”. Paste files onto the formatted SD card.ġ0. Double click to open the ZIP file and copy all files.ĩ. Locate the firmware file in the “downloads” folder of your PC.Ĩ. Select your dash cam model and download the firmware file.ħ. Open your web browser and go to and select “Support”, then “Downloads”.Ħ. **Please save all crucial footage beforehand as formatting your SD card erases the entire SD card.ĥ. Format the SD by right-clicking the name and selecting format, then start. Locate the SD card under the “My PC” section of File Explorer.Ĥ. Insert the SD card into the adapter, and then into your PC.ģ. Locate the full-sized SD card adapter provided in the original box.Ģ. Firmware updates are released to improve the functions of our dash cams and can enhance your dash cam’s capabilities or fix bugs.įirmware updates are frequently used for troubleshooting purposes if an issue occurs with the dash cam.īy updating or re-loading the firmware, your dash cam’s current firmware is erased and replaced.ġ. It is free and easy to operate with only 3 steps.Pros and Cons of Soundloaders Spotify Downloader To know this converter better, you can check its main features I list below. can be kept 100% the same as the original track. Also, ID3 tags and Metadata info such as title, artist, album, etc. The converted music can be preserved in Spotify lossless quality as 320 Kbps MP3 audio after a fast conversion process. It can bypass the DRM from Spotify and convert songs from Spotify to MP3, M4A, etc. It is a tool for Spotify Free and Premium users to convert music with the Spotify web player online. 1 TuneFab Spotify Music ConverterĪfter testing these Spotify to MP3 converters and taking several elements into consideration, like success rate of conversion, efficiency, stability, etc., I think TuneFab Spotify Music Converter is the most trustworthy and powerful one that you can use. Best 8 Spotify to MP3 Converters Online Introduced No. FAQs About Spotify to MP3 Converter Online for Free What’s the Best Spotify to MP3 Converter? Which Is the Best One of Them? Best 8 Spotify to MP3 Converters Online Introduced By using these Spotify to MP3 converters online, you can download and convert music from Spotify and receive MP3 resultant audio on both your computer and your mobile devices. To enjoy Spotify to the fullest, I have collected and tested a few tools for you. Thus, you may wonder if there are any direct ways to convert Spotify to MP3 so that you are able to put your favorite music from Spotify to an MP3 player or other devices for offline listening. However, none of the plans offers a real function to download the music as MP3 files for offline playback, even though it owns a massive music library providing basically every type of music you are interested in. Spotify is a top-tier music streaming service that comes with a freemium and a premium plan for all music fans. Updated on March 17, 2023: added 1 new pick removed unavailable pick added 1 FAQ ![]() ![]() Updated on September 7, 2022: added 2 new picks, removed unavailable picks Updated on August 5, 2022: added an online converter Updated on June 2, 2022: added a total comparison and FAQs Tunify customers operate in different communities: Arts & Culture, Body & Mind, Café & Nightlife, Club & Lounge, Eat & Drink, Fashion & Style, Hotel & Business, Shop & City.Updated on January 7, 2022: added more details and tips As a result of these projects we can now create the right Music Experience based on context and subjective information.Ĭurrently Tunify is collaborating with the research groups HCI & Declarative Languages and Artificial Intelligence of the University of Leuven on a Music Community project. We collaborated with the research groups Human-Computer Interaction (HCI) and Experimental Psychology of the University of Leuven and Digital Speech and Signal Processing from Ghent University. The Tunify team worked together with the universities of Leuven and Ghent on several large research projects funded by the VLAIO. All the different Tunify products are controlled by this “Tunify Music Engine”. With this knowledge we have created advanced APIs based on proprietary software and technology. We have identified the objective and subjective characteristics of music and we are working with advanced technologies such as neural networks and machine learning. ![]() Our concept is based on 3 elements that are crucial in music experience: the importance of context, the subjective character of music and the possibility to personalise every music selection.įrom this concept, we have developed our own algorithms that suggest the right music for every situation based on our own metadata for music and context. We have built a unique music platform by combining the insights of experienced music professionals with innovative technology. Tunify is a spin-off of the University of Leuven. e harder during a workout or brought you into a complete zen state of mind at the wellness centre. And we might have made you sweat a littl. You’ve surely heard our music already in a super cosy coffee bar or in an original concept store. Tunify is the streaming music service for professional users. ![]() You can read the provided user guide for more information on using this utility. If you have a non-Windows PC, you can install it on your desktop anyways. Also, the Pinfinder supports Windows, Linux, and Mac Operating Systems. This is required because this software will allow the user to track and navigate the forgotten screen time passcode once the iTunes backup file process is finished. But to recover your passcode, you need to open your iTunes and do a new backup file process. It is a reliable application that allows you to figure out the screen time passcode in the scenario you forget. This free program utility software can resolve a problem with a forgotten password from the screen time passcode. Once done, try the password from the downloaded list to unlock the screen time passcode.Īnother option you can use to solve the issue of how to find screen time passcode is the PinFinder. Click the Export button to download the password list on your computer. You will see the different passwords from your Screen time passcode, Screen lock passcode, and other applications that require a password.
Tom Seaver Southern California 1965 Seaver only pitched one. He would later appear in the arc itself as part of Sigma-2's Maverick army, who fought with the Maverick Hunters, Freedom Fighters, and Robot Masters aboard the Sky Patrol before departing to invade another world. He went on to crush 548 career homers and win NL MVP three times with the Philadelphia Phillies. Before his body tumbled lifelessly into the sea, Crawfish was impressed with X's judgment, realizing he had not run away but rather had chosen a place to safely snipe the Maverick in his blind spot.Ĭrawfish would later be included in the Worlds Unite crossover event, appearing on one of the variant covers for Mega Man #50. Out of Crawfish's line of sight, he took him down with a concentrated, laser-like Buster shot through the head just before the crazed Reploid was about to use his scissor blades on his captives. X, evading the rampaging Mavericks, made his way to the top of a control tower on the edge of the mainland. Confident that X will not fire on him with his human shields, he deployed the Maverick forces under his control to attack the Maverick Hunter. Megaman Rockman 1.5' Crush Crawfish Purple Rubber Keshi Mini Figure Bandai. Mega Man X4: Web Spider, Split Mushroom, Cyber Peacock, Storm Owl, Magma Dragoon, Frost Walrus, Jet Stringray, Slash Beast. Toxic Seahorse, Tunnel Rhino, Volt Catfish, Crush Clawfish, Neón Tigger, Gravity Beetle, Blast Hornet. Anyway, I havent done this yesterday cause I was doing other things on my birthday so heres another remix of Crush Crawfishs theme in Mega Man 8 format. Shaken by this turn of events, Crawfish ordered his battleship to begin heavy fire on the populated city by the shipyard and takes a group of civilians hostage in the process. Maverick (Megaman X) In this article on video games several problems were detected. With quick ingenuity, X utilized the propulsion system of his downed Ride Armor to increase his speed and catch Crawfish off guard, allowing him to land a near fatal Buster shot to his back. Cain sent to the area had been annihilated by Crawfish and the Maverick stated he wanted to add human sacrifices to the pile. Crawfish nearly overwhelms X in battle with his powerful claws and underwater agility, seriously injuring him. Kyo Sensei (Seihou) Follow Kyo Sensei (Seihou) and others on SoundCloud. ![]() Three months later, he terrorized the world famous shipyard Ganda with his large scale battleship until X arrived and confronted him. En route, he escaped from his containment unit and sliced the entire escort ship in half. In the Rockman X3 manga, Crush Crawfish was classified as a "trump card" Reploid who was meant to be used during Sigma's previous rebellion, but he was deemed too dangerous to utilize due to his imperfect thought patterns, and was scheduled to be dismantled as a result. Grab a Ride Armor, and after the area where the Hamma Hamma falls, hop down the first pit and use the Ride Armor to break the cracked crate.Main article: Shipyard Stage Other Media Rockman X hoy les comparto el de derotar a Crush Crawfish de Mega Man X3 a puro limn, sin armadura. Use a charged Triad Thunder to punch the platform out and descend to find the Hawk mod part. Mega Man Rocks is a fan game created by Eric Ruth since 2009. Near the Ride Armor platform, find the spot in the floor where there's empty space below. Destroy it with the Ride Armor to reveal a room with the Life Up. by JC System Includes unlimited streaming via the Bandcamp app, plus download in mp3, FLAC and. You MUST defeat Vile with either Crush Crawfish's or Neon Tiger's weapon, and then quickly make your way out of the stage before the timer reaches zero. He will also often fire off one of his claws to try. If he ever grabs you he will cause continuous damage with his claw until he lets go. After the Hamma Hamma falls through the girders, stick to the right side of the drop to find a cracked wall. Crush Crawfish Power: 4000rp: Speed: 7600rp: Weakness: Triad Thunder: Special Weapon: Spinning Blade: Crush Crawfish will be constantly trying to grab you during this battle. Grab a Ride Armor from the platform below the start of the stage. Crush Crawfish (use Triad Thunder) Neon Tiger (use Spinning Blade) a.) Sub Tank 3 b.) X-Buster Upgrade c.) Heart Container 4 Tunnel Rhino (return) a.) Heart Container 5 b.) Helmet Upgrade. X climbs up the rotated hallway to find the boss arena with Crush Crawfish. Next is the hangar, where X blasts his way into a battleship and destroys its generator, causing it to sink and rotate 90 degrees. The stage continues, eventually coming across a trap in the floor that leads to a Warp Capsule to the Vile Stage. There is then a sub-boss room where Bit or Byte may appear. Upon descending, X stops as a Hamma Hamma falls and crashes through multiple girders, allowing him entry. The stage begins atop a crane overlooking the shipyard. ![]() Swedish retail customers use equity instruments to a larger extent than customers in most other European countries, resulting in a deposit funding gap. SEB, like its Swedish peers, depends on a large portion of wholesale funding which we believe does not allow for a funding costs' moat. SEB did lower its efficiency ratio to below 50% in the last few years, but we don't think this alone allows for a moat. We also did not find any competitive advantages in credit or funding costs. Second, the high capital intensity of the business paired with low differentiation of product offerings result in only modest returns. First, banks typically are unable to generate any switching costs for their customers in this segment. We don't think this is a particularly moaty segment. SEB distinguishes itself from its Nordic peers through its focus on large corporates, with this segment contributing about 38% to its operating profits. SEB's operations do not warrant a moat, in our view. We therefore believe the 15% return on equity is likely to be the exception rather than the norm. Owing to its high dependency on wholesale funding, a lower-for-longer outlook on interest rates, and the first signs of slowing economies in Europe, we also do not expect macroeconomic tailwinds to lift earnings in the medium term. While the move toward a bancassurance model and further investments in private banking services should be positive, we believe management’s target to regain share in the Swedish mortgage market is ambitious and is likely to come at the cost of lower margins. As a result, we expect costs to trend upwards from here, forcing it to turn toward its top line to drive earnings growth. As a result, the group now has one of the smallest branch networks in the Nordics, and management already acknowledged that any further closures may chip away at its small and medium enterprise business, which relies on close customer relationships through branches. SEB has exploited its largest efficiency levers such as noncore divestments and branch closures. ![]() Now guidance excludes investments in the business, and additional costs for anti-money-laundering staff could also be on the horizon. The first step, to soften the cap, was taken in the last business plan update, and we believe further risks of cost inflation exist. Additionally, we are more cautious on management’s ability to maintain the cost cap. Profitability in the bank's largest segment, large corporates and financial institutions, just about covers our cost of equity assumption, while we believe the strong performance in the small corporates and private customer segment as well as the Baltics is partially supported by a currently benign credit environment. We find it difficult to close the gap between SEB’s ambition for a 15% return on equity and its current outlook, however. Also, we like the group’s achievements in its efficiency programmes, keeping costs virtually flat for almost a decade. ![]() Skandinaviska Enskilda Banken's, or SEB’s, focus on corporate lending and advisory banking services results in a healthy diversification between spread and fee-based income streams. Guidance of SEK 6 billion in loan losses for this year were maintained.īusiness Strategy and Outlook | Oct 27, 2020 In total, SEB set aside another SEK 1.1 billion for loan losses bringing the year-to-date amount to SEK 5.3 billion. ![]() SEB’s oil portfolio continues to generate the lion’s share of provisions. Another chunk of provisions for credit losses were booked, primarily stemming from its large corporate and financial institutions segment. Operating expenses were kept in check, declining by 1%. All three segments have been under pressure this year, although activity is beginning to normalize. SEB’s fee and commission income stems primarily from lending fees, issuing securities and cards, and payments. Net interest income, up 6% year over year on better lending margins, more than offset deposit margin pressure, neutralizing continued weakness in the net fee and commission income line, which was down 8%. If we exclude the beneficial impact from net financial income, which is driven by volatile asset prices and credit spreads, performance was still resilient. In the third quarter, operating income grew 5% compared with the same period a year prior. |
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