Aston Martin has survived 7 bankruptcies. Now it wants you to invest in it.
For a storied automaker like Aston Martin, it’s hard to imagine that at one time the company was making just five cars a week at its original location in Newport Pagnell, England.
Best known as the getaway car of James Bond, Aston Martin has a complicated history includes a long line of owners -- and seven bankruptcies.
Andy Palmer, CEO since 2014, has steered the 105-year-old automaker through a hairpin turn by taking it public -- the first listing of a U.K. carmaker on the London Stock Exchange in three decades.
"The [initial] feedback from investors was better than expected," Evercore ISI auto analyst Arndt Ellinghorst told ABC News.
Aston Martin did a good job "selling the dream" to investors, he added, noting that Ferrari did the same in 2015 when it pitched itself as a luxury goods maker to Wall Street.
But the company will need to reassure investors that its aggressive growth strategy will not face any serious roadblocks, Ellinghorst said.
"Aston Martin has never really made money," he said. "It's really now about the execution of the plan. Aston Martin has to deliver."
Under Palmer's Second Century Plan, Aston Martin will debut a new model every year for the next seven years.
So far, three models have launched -- the DB11, DBS Superleggera and Vantage. The next model will be Aston Martin's first-ever SUV in 2019, followed by a mid-engine supercar and the all-electric, hyper-exclusive Rapide E sedan -- of which only 155 will be made.
The company's turnaround efforts were initially a culture shock to its 2,500 employees, according to Mike Duffy, Europe Editor of Car and Driver magazine.
"Aston Martin was traditionally a small-minded company," he told ABC News. "Its customers were 'old money.' It produced tiny volumes of cars."
Part of that small-minded culture stemmed from a lack of investment.
"There was a sense that design and engineering worked in slightly different universes," Duffy said. "New models came infrequently. Andy brought big company thinking to a small company ... and a cadre of senior engineers and marketing types from elsewhere."
Some of those hires were the biggest names in the industry: Matt Becker, Lotus' head of vehicle dynamics, left to join Aston Martin as its chief engineer. Chris Goodwin, McLaren's legendary chief test driver, now does the same for Aston. Palmer's right-hand man, Simon Sproule, reportedly gave up Tesla stock options to become Aston's vice president and chief marketing officer.
"There's a strong element of 'What makes my enemies weaker makes me stronger' in the hiring," Duffy said.
At Aston's state-of-the-art facility in Gaydon, England, factory workers hand-build 25 sports cars a day -- a number that will be significantly ramped up to meet the lofty sales figures the company has promised investors.
Aston Martin said it expects to deliver between 6,200 and 6,400 vehicles this year, up from 5,117 in 2017 and 3,229 in 2016.
Those numbers jump to 7,100 to 7,300 by Dec. 31, 2019, and 9,600 to 9,800 by 2020. Thirty percent of sales are in the U.K., while the U.S. composes 25 percent.
Aston Martin spokesman Matt Clarke dismissed the production concerns raised by analysts, saying the company has been furiously hiring workers to keep up with demand. An additional 1,200 employees have been added to the payroll since the launch of the Second Century Plan, and the company’s global headcount will reach 5,000 by 2022.
"We stand by what's in the prospectus," he told ABC News.
Some of these new employees will be stationed at Aston Martin’s new manufacturing site in Wales. The DBX SUV will be manufactured there as well as Aston Martin’s Lagonda vehicles. Aston Martin executives are revamping Lagonda, which was acquired in 1947, as the world’s first luxury zero-emissions marque.
John Muirhead, Aston's former brand communications manager, said the company struggled for years to survive.
"We had bigger issues with older management [but] the product right now is as good as it can be," he told ABC News as he led a tour of the bustling Gaydon factory. "Our new custodians have invested millions in us."
Muirhead, who spent 19 years with Aston Martin, said the company could do more to publicize its name.
"We realize not everyone knows who we are," he said. "Aston is about craftsmanship, performance, luxury and exclusivity."
Laura Schwab, president of Aston Martin of the Americas, said the positive response to the company's latest products have reenergized the brand.
"Each new car has its own personality and appeals to different people," she told ABC News. "We continue to let people know about our lineup."
Aston, beloved by cinephiles for its decades-long association with the James Bond franchise, has a dedicated fan base, Duffy said, though it's "a little less fanatical" than Porsche and Ferrari.
"I certainly can't think what the Aston equivalent of 'tifosi' would be," Duffy said. "Older Astons attract collectors like no comparable brand except Ferrari."
Dominik Dybala, general sales manager at Glenview Luxury Imports outside Chicago, said Aston's Vantage sports car has already caught the eye of die-hard Porsche fans.
"Porsche customers are always hard to convert to any brand, and with the Vantage it has been a cake walk," he told ABC News. "The Vantage is a true sports car. That alone will attract a younger crowd of people."
Newer models are just one part of Aston's comeback. The company has announced plans for a mid-engine sports car to compete with Ferrari, McLaren and Lamborghini. And its "continuation" cars -- the DB4 GT and DB5 -- have attracted attention from deep-pocketed auto enthusiasts who can drop $2.5 million on a limited-edition vehicle.
"Aston spreading itself into new markets means there's serious appetite for growth," Duffy said. "The company was sitting on the sideline, suffering from lack of investment. I am very optimistic about its plan."
Schwab said she welcomed the comparisons to Ferrari that some in the media have made since Aston Martin went public.
"Ferrari is a great brand, and it's great to be compared to them," she said. "But we have something unique."
October 11, 2018
Sources: ABC News
h last year in the critical pre-Christmas period, with the squeeze on UK consumers denting upmarket grocer Waitrose the most.</p><p>Food price inflation rose by 1.6 per cent, nearly half the rate of last year, which benefited consumers, but hit supermarkets. </p><p>According to the latest figures from Kantar Wordpanel, sales growth slowed to 2 per cent in the 12 weeks to the beginning of December, with Black Friday having no impact on the supermarkets. </p><p>Sales fall: Waitrose saw the biggest slump in sales of all supermarkets in the last three months</p><p>Waitrose, which is part of the John Lewis Partnership, saw sales fall 0.7 per cent during the period – the biggest slump of all the supermarkets.</p><p>In the last week alone, the grocer's total sales have fallen by 2.5 per cent year-on-year, according to Waitrose's own figures - although the firm claimed that Christmas orders were higher than in 2017.</p><p>Waitrose, which has just started trialling ‘farmbots’ at one of their farms, has been hit like the rest of the supermakets by the rise of Aldi and Lidl as cash-strapped shoppers look for bargains.</p><p>Steve Dresser at Grocery Insight said Waitrose was heading for a ‘near disaster’ at Christmas.</p><p>He said: ‘If customers are not tempted back in at Christmas with their focus on Heston and the premium Waitrose One range, it is then hard to understand how Waitrose hope to tempt customers in post-Christmas and in to 2019.’</p><p>Tesco and Sainsbury’s also suffered declines in the last three months, down 0.1 per cent and 0.2 per cent respectively, and continued to lose market share to the German discounters.</p><p>Asda was the only supermarket which held its market share steady in the period</p><p>Asda was the only supermarket to hold its market share, with sales rising 1.5 per cent compared to last year. The Co-op saw sales increase by 4.5 per cent, while Morrisons nudged up 0.5 per cent.</p><p>Both Aldi and Lidl saw double-digit growth over the last 12 weeks, with Aldi's market share rising by 0.7 percentage points to 7.6 per cent and Lidl's share jumping 0.5 percentage points to 5.6 per cent. </p><p>Despite the overall slowdown, Fraser McKevitt of Kantar Worldpanel, said grocers could still be in a line for a bumper Christmas because of when the actual Christmas day falls.</p><p>He said: ‘The last time Christmas Day fell on a Tuesday was in 2012 and the Saturday before was the busiest shopping day of the year. We expect the same trend to hold true this year, with Saturday 22 December pulling in the last-minute Christmas crowds.</p><p>‘Because of the way Christmas falls, grocers have an extra trading day this year meaning overall sales in December - up to and including Christmas Eve - could reach £10 billion.’</p><p>Kantar said sales of chocolates and Brussels sprouts have already reached £292million and £18million respectively. </p><p>Philipp Gutzwiller, head of retail for Lloyds Bank Commercial Banking, said: ‘With consumers having shown signs of tightening their belts in recent months, the supermarkets are focusing on persuading them to make room for a few luxuries by highlighting their more profitable premium own brands.'</p><p>He added:'The real focus now switches to the final two weeks before December 24, as all the supermarkets jockey to be Christmas number one. Which grocers enjoy a bright end to a difficult 2018 will set the agenda for who fares best as they enter 2019. '</p><p> The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. </p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday & Metro Media Group</p>
sion.</p><p>FRANKFURT — Daimler will buy battery cells worth more than 20 billion euros ($23 billion) by 2030 as it readies mass production of hybrid and electric vehicles, the maker of Mercedes-Benz cars said on Tuesday.</p><p>The company is one of a number of German automakers massively expanding in electric vehicles as European regulators clamp down on toxic diesel emissions.</p><p>“With extensive orders for battery cells until the year 2030, we set another important milestone for the electrification of our future electric vehicles,” Wilko Stark, who oversees procurement and supplier quality on the board of Mercedes-Benz Cars, said in a statement.</p><p>Daimler declined to say which suppliers would be awarded the contracts. The company already has battery cell supply deals with Korea’s SK Innovation, LG Chem and China’s Contemporary Amperex Technology (CATL), as it plans to launch 130 electric and hybrid vehicles by 2022 in addition to making electric vans, buses and trucks.</p><p>Stuttgart-based Daimler needs battery cells as it builds a global network of battery assembly plants in Kamenz, Untertuerkheim and Sindelfingen in Germany, as well as in Beijing, Bangkok and Tuscaloosa, Ala.</p><p>Daimler said it was expanding its competence in battery cell research and working on next generation batteries to cut its dependence on costly rare earth minerals including cobalt, which is mainly sourced from war-torn Democratic Republic of Congo.</p><p> News Corp. is a network of leading companies in the world of diversified media, news, and information services. </p>
sion.</p><p>TOKYO — A Tokyo court ruled Tuesday that Nissan Motor Co.’s former chairman, Carlos Ghosn, and another executive will remain in custody through Dec. 20, more than a month after their arrest. Their detention could continue for months more under the Japanese legal system.</p><p>The Tokyo District Court said Tuesday that it had rejected a protest filed by Ghosn’s lawyer against the prolonged detention.</p><p>The extension of their detention is to allow time for investigation into additional allegations prosecutors issued Monday, against Ghosn and Kelly, of underreporting another 4 billion yen ($36 million) in 2016-2018.</p><p>The arrest of the man credited with saving Nissan when it was on the verge of bankruptcy two decades ago has stunned many and has raised concerns over the Japanese automaker and the future of its alliance with Renault of France.</p><p>No trial date has been set, as is routine in Japan. Prosecutors can add more allegations to extend detention, and it remains unclear when Ghosn and Kelly might be released.</p><p> News Corp. is a network of leading companies in the world of diversified media, news, and information services. </p>
es local):</p><p> Stocks are opening higher on Wall Street as technology companies gain back some of the ground they've lost in recent days.</p><p> Traders were encouraged by news that U.S. and Chinese officials spoke on the phone, raising hopes that trade tensions between the world's two largest economies may ease.</p><p> Microsoft rose 2.2 percent in early trading Tuesday.</p><p> Banks were also doing better after taking a drubbing over the past week. JPMorgan Chase climbed 1.9 percent. Bank of New York Mellon rose 2.6 percent after announcing an increase to its stock buyback program.</p><p> The S&P 500 index rose 33 points, or 1.3 percent, to 2,671.</p><p> The Dow Jones Industrial Average jumped 343 points, or 1.4 percent, to 24,771. The Nasdaq composite rose 98 points, or 1.4 percent, to 7,119.</p>
uresque holiday recipes, rustic home décor inspiration and tips on how to wear boyfriend jeans.</p><p>It's prime real estate for DIY wedding ideas, the one-stop-shop for Instagrammable quotes about life, and the go-to website for helpful life hacks using safety pins, rubber bands and twisty ties. </p><p>Since adults from various walks of life use the platform as a visual bookmarking tool and shopping guide, Pinterest has its finger on the pulse of consumer behavior across numerous industries including travel, beauty, health and food. </p><p>Annually, the social networking site uses that search data to forecast the trends for the year ahead. </p><p>"So many places do recaps and best-ofs, but we're all about looking ahead," said Larkin Brown, researcher and in-house stylist at Pinterest.</p><p>"This year, two big things stood out. We are seeing an emphasis of people searching for sustainable and eco-friendly ideas across parenting, travel and beauty," Brown said. "The other is around style. People are becoming bolder in their style choices, embracing global influences."</p><p>Users save ideas or photos known as "Pins" on a board that they can revisit later. Pinners use the website to search for ideas such as pagan (paleo and vegan) recipes. Users also share how well the experience went and add helpful tips for anyone who might want to give the idea a try.</p><p>If an idea like side-hustles or body painting gradually receives more searches each month, and that upward trajectory holds steady for over 6 months, then it becomes an official Pinterest trend. </p><p>The company's insights team selected the top 100 trends that they project will have longevity well into 2019 by taking into consideration search increases from the first nine months of 2017 to the first nine months of 2018. </p><p>"In a time when so much seems to divide us, these ideas represent what we share in common – from everyday inspiration to dreams-for-someday stuff," Pinterest said in a statement.</p><p>Sometimes they're spot-on, according to Brown. She said the team looks forward to finding out which trends take-off, becoming their own "product category of sorts."</p><p>"Cauliflower rice was something we talked about four or five years ago and now Trader Joe's is selling it frozen for people to take home. We not only predicted it, we elevated it," Brown said.</p><p>For 2019, people are expected to continue to use the social networking site to dream up new ways to travel, from atypical destinations to unusual, earth-friendly modes of transportation. Pinterest users are diverting to less-traveled islands for rare experiences. Searches for less traveled islands increased 179 percent. Pinners are also projected to search for surprise destinations, which increased 192 percent in the year-over-year period.</p><p>Travelers are swapping sea cruises for hot springs (up 32 percent) and skipping the long entry lines at Versailles in favor of dilapidated castles. Searches for abandoned castles increased 142 percent, according to Pinterest.</p><p>Unlike other popular social networking websites, Pinterest isn't all about Likes. "Pinterest is where people come to reconnect with themselves and try something new, without worrying about who Likes it," the company said in a statement. So, naturally, self-care is expected to continue to trend on the platform, with a 140 percent increase in searches. </p><p>Bakuchiol, a natural alternative to retinol, was trending among beauty enthusiasts. And ginger oil, a product used for baths and massages, saw a massive 659 percent search increase. </p><p>In today's gig economy, many adults are turning to freelance opportunities and side hustles to make ends meet and kick-start new careers. That trend is reflected across Pinterest searches as well. People sought out side hustles at home 690 percent more often in 2018, which the trend experts at Pinterest believe will continue to increase. Searches for other side projects multiplied more modestly.</p><p>How to grow an avocado tree sprung up 101 percent while activities like boat building and body painting were also trending.</p><p>From last-minute picnics to impromptu staycations, people used Pinterest over the past year to search for visual inspiration. Searches for mini moment celebrations, godparent proposals and backyard weddings were trending along with smoke bomb photography.</p><p>Number-shaped cakes also saw an uptick in searches that are predicted to continue well into 2019. </p><p>Adults this past year took to Pinterest in droves for tips on how to paint their parquet floors with bold colors and mosaic patterns. Search results for painted floor tiles shot up over 1,000 percent, according to Pinterest.</p><p>What else are people doing to their homes? Installing vertical gardens (up 287 percent), putting up bold print wallpaper (up 401 percent) and finding ways to use mustard yellow (up 45 percent). </p><p>"It's the marriage of big bold interiors and natural plant elements," Brown said. "Geometric paintings on walls and tin interiors are brought together with something natural and organic in the home like natural swimming pools." </p>
decline in the cost of gas offset pricier freight trucking services and mobile phone plans.</p><p> The Labor Department said Tuesday that the producer price index — which tracks cost changes before they reach the consumer — increased 0.1 percent in November from the previous month. That's down sharply from a 0.6 percent gain in October. Wholesale prices rose 2.5 percent from a year ago, the smallest annual increase this year.</p><p> Excluding the volatile food and energy categories, wholesale prices rose 0.3 percent in October and 2.7 percent from a year earlier.</p><p> The figures suggest inflation pressures have subsided since late last year. That could affect the Federal Reserve's deliberations on how quickly to lift short-term interest rates in 2019. Fed policymakers are expected to hike rates for the fourth time this year at their next meeting later this month. But the pace of rate increases next year is uncertain as recent speeches by some Fed officials have hinted that the central bank could take a more wait-and- see approach</p><p> Consumer prices rose 2.5 percent in October, the government said last month. Excluding food and energy, they rose 2.1 percent.</p><p> That's just above the Fed's target of 2 percent. The Fed seeks to keep inflation at that level to avoid rapidly rising prices but also to prevent a destabilizing bout of deflation, which lowers prices but also wages and can make it much harder to repay debts.</p><p> Wholesale gas prices fell 14 percent last month, the steepest fall since February 2016. That is a function of lower oil prices, which have plunged from $75 a barrel in early October to $51.70 on Tuesday. The sharp fall has prompted the oil cartel OPEC to plan production cuts to boost prices.</p><p> Lower wholesale prices could bring more relief at the pump for consumers. The average price for a gallon of gas nationwide fell 29 cents from a month ago to $2.41 Tuesday.</p>
ped off today after it warned it will make a loss in the first half of its financial year due to changes to tax sales regulation in Australia, its largest market.</p><p>Mysale - which operates flash-sales websites selling clothes, beauty and homeware products also in the UK, New Zealand and South East Asia - said it expects to make an underlying loss in the first half to December.</p><p>It also warned sales and profits would come in 'significantly below' market expectations for the full-year to the end of June 2019.</p><p>Profit warning: Sales and profits expected to come in 'significantly below' market expectations</p><p>The online retailer, which was founded in 2007, said it had launched a review of its operations in the UK and South East Asia, including possible 'strategic' sales.</p><p>In the UK, which along with South East Asia accounts for about 15 per cent of group sales, the group operates websites MySale and Cocosa, a 'members-only luxury online shopping club' selling 'affordable designer fashion'.</p><p>MySale also said it was taking action to address the tax changes in Australia.</p><p>Chief executive Carl Jackson said: 'We are very disappointed in the performance during this year's peak trading period.</p><p>'In response to this under-performance, we have significantly accelerated and expanded our existing plans to streamline the business, reduce the cost base and make changes to the product strategy.</p><p>'The results of these actions will be realised in the second half of this financial year.' </p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday & Metro Media Group</p>
eerasingham as its chief revenue officer on Tuesday, a new position that will consolidate global revenue operations under one director as the 172-year-old news cooperative widens its customer base beyond traditional media.</p><p> "I have tremendous confidence in Daisy. I think she is an innovative and proven leader and she has driven our international revenue for many years," said AP President and CEO Gary Pruitt. "She is the right person to lead our global revenue team."</p><p> Veerasingham, a British national of Sri Lankan descent, takes on her new role on Jan. 1. She will continue to serve on AP's Senior Management Committee, one of four women on the seven-member team reporting directly to the CEO. AP's top editor, corporate counsel and human resources officer are also women.</p><p> In her new position, Veerasingham will take on oversight of revenue for North and South America, which was previously handled under Senior Vice President Dave Gwizdowski, whose retirement was announced in September. Gwizdowski had played a key role in expanding AP's video business, overseeing the rollout of AP Video-US, a service that provides local broadcasters a daily selection of original video from their region.</p><p> About 70 percent of AP's revenue comes from its newspapers and television clients. But Pruitt said corporations, governments, academia and other non-traditional organizations are a growing clientele for AP's content licensing business. AP has developed other key sources of revenue, including licensing of content from its historical archives and licensing of ENPS, a production system for broadcasters.</p><p> AP revenue fell 8 percent to $510.1 million in 2017, a reflection of a shrinking newspaper industry and consolidation among some major online media companies. The AP reported a $74 million net loss, its first since 2012, mostly due to one-time accounting charges related to the federal tax overhaul passed in late 2017.</p><p> Veerasingham said aligning the revenue team under one director will help bring consistency to AP's strategy for meeting the needs of its evolving customer base, including delivering its products and services on more flexible and customized terms.</p><p> "If you consider some of the new opportunities, with the new types of customers that we have, the platforms, programming and production companies, they operate from a global perspective," Veerasingham said. "We need to focus more of our resources, time and effort on working with those types of companies because they want things delivered in a different way."</p><p> Veerasingham, who holds a bachelor's degree in law, joined AP in London in 2004 as sales director for AP Television News. Before joining AP, she was group sales and marketing director at LexisNexis, and previously held sales and marketing roles at the Financial Times.</p>
er quality of life than their parents, a report reveals.</p><p>A survey of 5,000 people has found just 13 per cent of 18 to 24-year-olds believe their generation will have a better standard of living than previous ones.</p><p>In contrast, one quarter of pensioners believe their generation has had the best living standards, having come of age in the post-war years.</p><p>The study, by the Social Mobility Commission, also found only 15 per cent of 18 to 24-year-olds think their generation has the best chance of moving up in society [File photo]</p><p>It is thought the pressures of the employment market, high rents and high house prices are taking their toll on the nation's young people and making them more pessimistic than their parents. </p><p>The study, by the Social Mobility Commission, also found only 15 per cent of 18 to 24-year-olds think their generation has the best chance of moving up in society.</p><p>Only 12 per cent of millennials believe they will fare best in terms of personal finances, compared to older generations. </p><p>Dame Martina Milburn, the commission's chairman, said: 'If we fail to act, too many young people will continue to face challenges getting into colleges, universities and employment.'</p><p>The report was published to coincide with a new £2million grant from the Government for the commission to carry out more research.</p><p>Education Secretary Damian Hinds said: 'We're targeting extra support at the poorest areas of the country to raise standards in schools and attract great teachers.'</p><p>Education Secretary Damian Hinds said: 'We're targeting extra support at the poorest areas of the country to raise standards in schools and attract great teachers' [File photo]</p><p> The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. </p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday & Metro Media Group</p>
stomers the ability to 'switch off' certain areas of problem spending, such as gambling and premium rate numbers.</p><p>The new tool will be available to customers who use the Barclays Mobile Banking app - which is linked directly to their debit card - and is designed to help customers manage their money better.</p><p>The idea behind the development is to help vulnerable customers, including those who suffer from mental health issues, such as addiction, as well as those who rely on their carers or a guardian to look after their finances.</p><p>Blocked: Barclays have now introduced a tool so customers can 'switch off' certain retailers</p><p>Catherine McGrath, managing director at Barclays, said: 'We are always looking for new ways to support our customers and make it easier for them to manage their finances.</p><p>'We work with a range of advisers and partners, as well as consulting with our customers, to identify how our customers' needs are changing and what works for them.</p><p>'This new control feature is the latest new service that we have introduced in the Barclays Mobile Banking app that aims to give all of our customers a better way to manage their money in a simple, secure and effective way.' </p><p>A button with the Barclays mobile banking app now means customers can choose what they wish to be authorised, which in turn means that any attempted payments made within the 'turned off' category will be automatically declined.</p><p>There are five retailer categories that customers can control: </p><p>- Gambling (to include gambling websites and betting shops); </p><p>The categories were chosen based on research by the bank into areas that customers would most like to manage, as well as consultation with advisers, such as the Money Advice Trust.</p><p>New feature is designed to help vulnerable customers including those with problem gambling</p><p>It also looked at building on published evidence from organisations such as the Money and Mental Health Policy Institute, as well as GambleAware. </p><p>Marc Etches, chief executive of GambleAware, said: 'We welcome this initiative by Barclays, which we hope will encourage other banks to do the same. </p><p>'There are 430,000 problem gamblers in Britain and a further 2million at risk, and initiatives like this can play an important role in helping to reduce gambling-related harms. </p><p>'There are no limits to stakes and prizes for online gambling, and credit cards are allowed so it is important to make it easier for people to control their spending.' </p><p>Taking control: This is what will appear on Barclays customer's mobile banking app</p><p>Not only is the new feature designed to help customers manage their money, it is also thought it will help reduce the risk of fraud and scams.</p><p>Other safety features introduced for Barclays debit card holders over the past year include the ability to set a daily cash machine withdrawal limit as well as turning off the ability to make purchases online and via the phone.</p><p>The new tool is now available to all Barclays debit card customers and will be rolled out to credit card holders in the near future. </p><p>Chris Fitch, vulnerability lead at the Money Advice Trust, said: 'Technology that meets everyday banking needs, while recognising the challenges many of us face in our lives, is the way forward. </p><p>'Giving everyone more control is the key to achieving this – whether this is someone who wants to be less vulnerable to fraud, or a customer who is trying to take charge of their gambling.' </p><p>Although it is the first high street bank to offer such a service, challenger banks such as Starling and Monzo have already tested out similar tools on their platforms.</p><p>Both banks offer the feature to their current account holders and both are banks in which customer's accounts are operated by a mobile phone app.</p><p>Starling users opt in to the feature within their app and while it's switched on, every time they try to use their card with a registered gambling merchant, it will be declined.</p><p>Monzo, however, allows its customers to block gambling transactions at any time through the app or, alternatively, by contacting their customer service team through its in-app chat feature. </p><p> The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. </p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p>Your comment will be posted to MailOnline as usual.</p><p>Do you want to automatically post your MailOnline comments to your Facebook Timeline?</p><p> We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.</p><p>Part of the Daily Mail, The Mail on Sunday & Metro Media Group</p>