In 1993 The Piano won the Palme d'Or with actress Holly Hunter named best actress.
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Last year's winner of the Palme d'Or, "The Class, " was mildly helped by its triumph.
Chopard is an official sponsor of the festival and also makes its top award, the Palme d'Or.
It was shortlisted for the Palme d'Or at Cannes and its score, by Ryuichi Sakamoto, won a Bafta.
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The jury awards the coveted Palme d'Or - or best film - at the festival which runs from 15-26 May.
The honour follows the honorary Palme d'Or award the Italian received at the Cannes Film Festival in May last year.
Michael Haneke's Palme d'Or-winning French drama Amour (Love) leads the nominations at this year's European Film Awards with six nods.
Chaired by Spielberg, the jury will award the coveted Palme d'Or to one of the 19 films competing at the festival.
Oscar-winning director Steven Spielberg has been announced as President of the Competition Jury which will award the coveted Palme d'Or prize.
The winner of last year's Palme d'Or was Michael Haneke's drama Amour, which won best foreign language film at the Oscars.
In 1989, Christer Pettersson was found guilty and jailed for life for the 1986 murder of Swedish Prime Minister Olof Palme.
The case also reawakened memories of the killing of Swedish Prime Minister Olof Palme in 1986, a murder which was never solved.
Cannes has been good to Tarantino in the past: "Pulp Fiction, " his follow-up to "Reservoir Dogs, " won the Palme D'Or in 1994.
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The very place names in Gothenburg breathe well-intentioned internationalism: Esperanto Square, Olof Palme Place, after its third-world-minded prime minister assassinated in 1986.
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In France, though, the term is freely used to describe the kind of idiosyncratic talents competing this year for the iconic Palme d'Or.
The Stockholm conference was attended by only two heads of government, the host country's prime minister, Olof Palme, and Indira Gandhi from India.
Frears told reporters at the festival that he was glad the film was not in the running for the prestigious Palme d'Or prize.
Dame Helen was one of a handful of British honourees on a night dominated by Palme d'Or winner and Oscar hopeful Amour (Love).
The winner of last year's Palme d'Or was Michael Haneke's drama Amour, which went on to win best foreign language film at the Oscars.
The director is the only woman to have won the coveted Palme d'Or - or best film prize - for her movie The Piano.
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But Tarantino received a critical mauling for 2007 Palme D'Or-nominated "Death Proof, " one half of the "Grindhouse" double-bill he filmed with long-time buddy Robert Rodriguez.
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As well as the Cannes Palme d'Or winner, the festival announced it would show Babel, which won best director at Cannes for Alejandro Gonzalez Inarritu.
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New Zealand filmmaker Jane Campion, who won the Palme d'Or for The Piano, is to be presented with the Carrosse d'Or from the Society of Film Directors.
He successfully solved the puzzle and the film and went on to win the coveted Palme D'Or at Cannes film festival and a place in movie history.
Chopard, which is an official sponsor of the festival, has provided the Palme d'Or trophy awarded to the director of the best feature film for the past 15 years.
The allure of nothingness, on the other hand, fuels the narrative in "Taste of Cherry" ("Ta'm-e guilass, " 1997), which won the Palme d'Or at the 1997 Cannes Film Festival.
Although the recipient of an OBE, the Palme d'Or, numerous Bafta awards and plaudits from around the world, Mike Leigh is still very much an outsider in his own country.
"Pulp Fiction's" 1994 win of the Palme d'Or -- Cannes' highest honor -- launched Quentin Tarantino, previously known for the mildly successful indie film "Reservoir Dogs, " into the big leagues.
Fan Fan la Tulipe, a lightweight adventure comedy, has had a mixed reception from critics so far and is not in competition for the main prize in Cannes, the Palme d'Or.
The organisers of last year's Cannes Film Festival were criticised when the list of 22 films nominated for its top prize, the Palme d'Or, was entirely made up of male directors.
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