The Cannes film festival entered its second day today.While it is expecting fewer celebrity driven events for it 62nd edition – the recession has forced studios to cut their budgets and splurge a little less – the red carpet has has still been a powerful magnet for the industry. There were several familiar faces from previous Cannes festivals and competition for the coveted Palm D’or is expected to be fierce with some of the world’s top directors showing films on the Croisette. As its title suggested it would, the animated comedy Up lifted the mood at the start of cinema’s biggest gathering of talent. The 10th feature by Disney’s Pixar studio has been hailed by critics and was warmly welcomed at its first Cannes screening. Legendary film director Francis Ford Coppola met the press ahead of the world premiere of his latest film, Tetro starring Vincent Gallo, Maribel Verdu and Alden Ehrenreich. Coppola has described Tetro as his most creative work since 1974’s The Conversation. It tells the story of a 17-year-old who travels to Buenos Aries to find his brother who has been out of contact for ten years.