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    Valentina Day for Salma Hayek

    Salma Hayek's latest production just might be her best to date.

    The filmmaker-actress and her fiancé, French businessman François-Henri Pinault, welcomed their first child together Friday, daughter Valentina Paloma Pinault.

    "Mother and child are doing well," Hayek's publicist, Cari Ross, said in a statement.

    Hayek is a first-time mom, while Pinault, 45, has two children from a previous relationship. The ultraprivate couple announced both their engagement and their expectant status in March.

    There's still no word on when they're planning to walk down the aisle, but it's nice that Hayek found time to have a baby this year.

    In addition to guest appearances on Ugly Betty, which she also coproduces, in April the Mexican beauty teamed with MGM to form her own production company, Ventanazul, which will develop, produce and acquire between two and four Latin-themed films per year for the iconic Hollywood studio.

    The past Emmy and Oscar nominee currently has a cameo in Frida director Julie Taymor's homage to the '60s and the Beatles, Across the Universe, and she is working on the Chihuahua-lost-in-Beverly Hills comedy South of the Border, which costars Drew Barrymore, Jamie Lee Curtis and a veritable who's who of Latin and Latin-American actors, including Andy Garcia, Edward James Olmos, Cheech Marin and George Lopez. The family film is currently slated for an August 2008 release.

    Meanwhile, Hayek's Ugly Betty, had a stellar freshman year, winning the Golden Globe for Best Comedy Series and top acting honors for star America Ferrera (a Golden Globe, an Emmy and a SAG award) and snagging a handful of trophies at the ALMA, NAACP Image, GLAAD and Satellite awards, among others.

    Next up for Hayek, aside from her various production duties, are William H. Macy's feature directorial debut, the drama Keep Coming Back, and the musical comedy La Banda, in which she'll play an upper-class housewife who moonlights as a wedding singer to make ends meet after her husband leaves her.