At the Sundance closing ceremony on Saturday, "Teddy Bear" was honoured with the award for best direction in the World Cinema Dramatic Competition. The film is Mads Matthiesen's feature debut. "Teddy Bear" is the story of a man, bodybuilder Dennis (international champion Kim Kold) who lives alone with his dominating mother and wants desperately to find true love. He decides to try out his luck in Thailand and travels to Pattaya to find his coming bride. Read full story.

Slow-steaming, with a speed like the Clippers, pioneered by A.P. Moeller-Maersk’s container unit, Maersk Line, helps carriers cut costs when times are tough. By sailing at lower speeds, ships need less fuel and can offset capacity stresses by using more vessels to make up for the longer sailing times. Read full story.

Affected by price pressure and increased costs for raw materials, the income of the Swedish multinational appliance manufacturer Electrolux fell by 48 percent last year compared to 2010, the company said in its fiscal report Thursday. The net income of the company in 2011 amounted to 2.78 billion Swedish kronor (about $412 million), while net sales amounted to 101.59 billion Swedish kronor (about $15,057.1 million), reported Xinhua. Read full story.

Chinese carmaker Youngman has placed a bid for bankrupt Swedish carmaker Saab, public broadcaster Sveriges Radio (SR) reported on Thursday. Read full story.