Rome, June 11 - Paolo Sorrentino's La Grande Bellezza (The Great Beauty), the only Italian entry for the Palme d'Or this year's Cannes Film Festival, is in the lead for the Globo d'Oro or Italian Golden Globe annual film award, given by the Foreign Press Association in Italy since 1960. The trophy will be awarded at the capital's Farnese Palace on July 3. Other films in the running included Gli Equilibristi by Ivano De Matteo and Razza Bastarda by Alessandro Gassman. A lifetime achievement award will go to Giuseppe Tornatore who won an Oscar for his film Nuovo Cinema Paradiso and the director of the 1968 film classic Romeo and Juliet, Franco Zeffirelli. "This year we are returning to the origins of the award, limiting the categories to 11 so that we can concentrate on the content of each film," jury member Megan Williams, said. "We want to promote films that bring down the cultural barrier," Williams said.