Chilean Lan Airlines (NYSE:LFL) has announced that they will install winglets on all its Boeing 767-300 Long Range aircrafts.

The decision to upgrade its fleet with winglets is a 'green' move, which will help cut the airline's carbon emissons. In addition, the upgrade will also have economic benefits, as it could help reduce fuel consumption by 450.000 gallons (1.700 tonnes) per aircraft per year.

The risk of Mexico, measured through the Emerging Market Bond Index of J.P. Morgan closed at 309 points on Friday, 51 points below March last year.

In comparison, the risk of Argentina and Brazil reduced by 94 and 30 points during last week and closed at 833 and 384 points respectively, according to information released by the Ministry of Finance and Public Credit ((SHCP)).

In addition to this acquisition, the Brazilian mining company also runs coal operations in Australia and China. Also, the company is developing additional projects in Mozambique, Australia and Mongolia.

The coalition of Brazil, Russian, India and China (formally known as the BRICs countries) is seen as most strategically beneficial for Brazil.

The four countries are planning for their first official meeting, scheduled for sometime in the middle of this year. The agenda for the first meeting is both to discuss common interests and to work on a possible joint strategy to take on the current global financial crisis.

US based retail giant Wal-Mart (WMT) plans to invest $450 million reales in Brazil with the opening of 30 new stores in the Northeast of the country this year. Currently the company operates 138 stores in the nine northern states of the country.

This project is part of the plan announced by the company in August to invest U.S. $1.6 billion in Brazil this year, with the opening of 90 new stores.

According to the FT, Mexico said on Tuesday that it would take a loan from the IMF in the amount of US$40bn as a measure against the current global downturn and to support its currency. Currently, the Mexican central bank has reserves of US$30bn. The president of Mexico, Felipe Calderón said. "We have our public finances in order and we're able to take a line of credit of IMF in order to support the reserves of the central bank of US$30bn, or even US$40bn."

Further, Mexico will utilize a lending facility at the IMF of which intention is to serve emerging market economies with sound public finances and that have been hit by a financial contagion from other parts of the world. The IMF introduced last week a modified version of the lending facility for flexible credit lines without imposed conditions.

The fourth quarter results for Mexican Cemex (NYSE:CX) showed a 23% decline in Net Sales from 4Q'07, while Majority Net Income was down strongly to a loss of US$707 mln, due to lower Operating Income, loss on financial instruments and impairment expenses.

Under the year as a whole, Majority Interest Net Income fell to US$203mln, a 92% decline from US$2.391 mln in 2007. The 2008 result equals US$0.27 per ADR.

In a special report, Mauro Leos (Moody’s Vice President) said that in the absence of elements that can lead to a sudden deterioration in the indicators of debt and hence a lower rating, the credit profile of Mexico is in line with the respective countries whose rating is located within the Baa category. The sovereign rating of Mexico is Baa1, three steps within investment grade.

The fundamentals are still solid, although it is acknowledged that "the inability to solve structural problems, coupled with the presence of persistent shocks, represent elements that could weaken the foundations of the sovereign rating of Mexico," he said.

Compañia de Minas Buenaventura (NYSE:BVN) reported a Net Loss of US$6.1 mln in 4Q, which equals US$0.02 per ADR. BVN closed at $19.45 the day ahead of the announcement, and is now up to $22.70. Buenaventura's shares have made a strong comeback since October 2008, and are now up 131% since the low of $9.82.

With respect to the company's project development, they reported that the integration of the Carmen and Socorro mines at level 3990 concluded in 4Q'08. In the Carmen Mine, Master Shaft facilities at level 3920 were completed in December 2008, and ramp 626 at the Socorro Mine will continue to deepen until 292 m. by the end of 2009. Total Investments in the projects during 2008 reached US$4.8 mln.

The Chilean wine manufacturer Viña Concha y Toro (NYSE:VCO) reported 14.8% growth in sales for 2008 despite unfavorable exchange rates in the first half of the year. Net Income was down 5.2% year-on-year because of significantly lower Non-operating Result.

Total sales revenues for 2008 reached Ch$322 bln, up 3.5% from the Ch$311 bln reported in 2007. However, Sales & Administrative Expenses grew 4.6% to Ch$77.3 bln, which offset this improvement, leaving the Operating Income 0.3% below the 2007 numbers at Ch$51.3 bln.

The Chile based chemical manufacturer Sociedad Quimica y Minera de Chile (NYSE:SQM) reported revenue growth for the eighth consecutive year, with earnings 179% above the 2007 figures at US$1.91 per ADR.

The company's Total Revenues for 2008 reached US$1.77 bln, which was a significant increase from the US$1.19 bln achieved in 2007. Net Income arrived at US$501 mln.

Telecom Argentina (NYSE:TEO) continued its expansions during 2008, and reported AR$10.6 bln in Revenues, a growth of 17% from 2007. Net Income was up 9% from the previous year, and arrived at AR$961 mln, which represents 9.07% of Revenues.

If Net Income in 2007 had not accounted for the sale of Publicom, the year-on-year growth would have been 23%, which is 14% higher than that reported.

The Colombian bank Bancolombia (NYSE:CIB) reported CO$1.290 bln in Net Earnings for 2008, which represents an 18.7% increase from 2007. The bank's loans portfolio expanded by 18.4% during the year. Meanwhile ROAE for the year arrived at 23.7%.

As of December 31, Bancolombia's Total Equity grew CO$6.116 bln, up 17.65% from 2007. This growth was created by the company's operational income during the year. The Solvency Ratio, which is the relationship between Equity and Assets exposed to market risk, stood at 11.24% at the end of the year. This was down slightly from a Solvency Ratio of 12.67% at the end of 2007.

Sugar and alcohol manufacturer Cosan (CZZ) announced a net income of $5.2 million for the third quarter 2009.

The company also announced its acquisition of the company Nova America, one of its chief competitors. This acquisition will position Cosan as a leading firm in the sugar and alcohol markets.

Economist Nouriel Roubini sees Brazil as an "accidental victim" of the global economic crisis, which will worsen further into a "severe global recession". The economist, who has been called "Mr. Doom" for his negative outlook on the global financial picture spoke in Sao Paulo about the coming year for Brazil. He expressed that while Brazil is in a much better place than it was in years past, the country should see close to zero growth on the year (based on the current global economic outlook).

Roubini expressed that Brazil should increase spending to combat the crisis and also implement structural reforms countrywide at all levels to reduce bureaucracy, the cost of labor, taxes on economic activity and the physical infrastructure of the country.

Petrobras's (PBR) profits rose 58% in 2008. Petrobras announced record profits of US$33,915 billion for 2008, resulting mainly from increased oil prices.

The year's results reflect not only correct strategic positioning by the company in the market, but also the strength and robustness of its assets that provide the integrated structure of its business, mainly in the second half of the year when the international financial crisis was worsened.

Gabrielli also said Petrobras was not severely affected by lack of credit during the fourth quarter.

The Peruvian financial services company Credicorp (NYSE:BAP) reported low earnings for the last quarter of 2008, at only US$13.5 mln or US$0.17 per share. This was significantly down from 3Q'08, as well as from 4Q'07, and was in large part the result of negative effects of foreign exchange variations and a Madoff related loss of the subsidiary ASHC.

The company's Net Interest Income arrived at US$214.2 mln for the quarter. This marks a significant increase of 6.9% QoQ and 22.6% YoY, as reserve requirements eased and Net Interest Margin increased to 4.9%. Non Financial Income also lifted, up 30.6% YoY to US$159.4 mln.

The Argentine bank Banco Macro (NYSE:BMA) reported AR$184.1 mln Net Income in 4Q'08, up 9% from 4Q'07 and 13% from the previous quarter. In spite of a strong solvency ratio, with AR$1.8 bln (US$493 mln) in excess capital, which implies a 22.9% capitalization ratio, the company is trading at a Price-to-earnings ratio as low as 3.4.

In a time when confidence is low, the bank attracted AR$2.2 bln in new capital. As a result Total Deposits grew 16% year-on-year, amounting to AR$15.8 bln and representing 81% of the bank's liabilities as of the end of 2008.

The Chilean retail chain Cencosud (CSUDF.PK), which operates shopping malls across Chile, Argentina, Colombia, Brazil and Peru, reported 61.7% growth in revenues for 4Q'08, arriving at Ch$1.927 bln (US$3.19 bln at Ch$605/USD). In spite of the strong growth, the Operating Income was in fact down by 5% from 4Q'07 because of surging Selling and Administrative Expenses.

Cencosud's strong revenue growth was due to the company's penetration of new markets. In Chile revenues were nearly stable, up 1.2%, while in Argentina they were up 107.5%, and reached Ch$752 bln for the quarter. In addition, revenues from Brazil also more than doubled, arriving at Ch$217 bln for the quarter. New operations in Peru also added another Ch$222 bln to the company's income.

The country has seen dramatic shifts in the economic climate recently, due to the international slowdown. Although Chile's stock market has held up well, 79% out of 70 economists who participated in a recent survey by Diario Financiero said they expect Chile to be in recession in 2009.

The negative sentiment among market participants is accompanied by a 1.4% decline in production in January - the first decline in a decade, as well as a steep decline in the inflation rate.