Russia Tries Everything to Save the Ruble & 7 More Wednesday Headlines

1) Moscow is throwing everything but the kitchen sink – and even that – at the markets to save the ruble. After hiking interest rates yesterday, to no effect, Russia decided to sell off assets to buy back its currency (fewer rubles out in the world would logically mean a higher value to each). It's estimated nearly a sixth of the country's foreign exchange reserves will be deployed. But again, the ruble only briefly rallied and just as quickly lost all its gains. Western sanctions and dropping oil prices have hurt the Russian economy, but what we're seeing now goes beyond that: it's a market panic and everyone wants off the Titanic. The currency's worth half of what it was at the start of the year. President Vladimir Putin is due for his annual news conference tomorrow and it will probably be his toughest one yet.

2) Apple closed its online store in Russia. That's the very concrete consequence of a volatile currency: companies, especially when they're foreign, just don't know how to price their wares. Apple increased the price of an iPhone 6 by 25 percent just three weeks ago. Then it translated to $847. Now – that is, when Bloomberg did the math this morning, which is already outdated by the time you're reading – it's only worth $585. And now you see Russian customers rushing to buy everything they can to turn their soon-to-be-worthless cash into tangible assets: gold, luxury cars... or Ikea furniture. But already prices are going up and even affording the bare necessities will soon become difficult.

3) American Apparel founder and now ex-CEO is out for real. Dov Charney had been on-again, off-again with his board for months, as they tried to fire him for financial misconduct and sexual harassment. As of January 5, the new CEO will be Paula Schneider. But already, she's facing a battle: Charney loyalists inside American Apparel management have called for his return, angered that they weren't consulted about his firing. “We are the people in the day-to-day trenches that know what this company needs in order to reach its immediate and long-term potential,” they wrote. What they'll need too is a new employer brand: this drama is not attractive.

4) The Sony Pictures hack's effects are being felt outside Sony. Sony Entertainment CEO Michael Lynton also sits on the board at Snapchat. His hacked emails give us a sneak peak at the acquisition discussions between Snapchat and Facebook. Remember when you thought turning down $3 billion was crazy? It might have been much more than that.

5) Sony cancelled the New York premiere of "The Interview" following threats of a terror attack by the so-called Guardians of Peace, which claimed responsibility for the Sony hack. "The Interview" is a comedy starring Seth Rogen and James Franco as they attempt to assassinate Kim Jong-un. North Korea is not happy and is suspected to be behind the hack. Carmike Cinema, one the largest movie theather chains in the US, decided not to show the film at all. A sad day for freedom of speech.

6) The long-standing antitrust suit over the iPod is over. The suit lasted 10 years, deliberations lasted 3 hours. Apple won.

7) InterContinental Hotel Group is acquiring the beloved boutique hotel chain Kimpton. To choosy business travelers the world over, that's like Starbucks buying Stumptown. (Look it up if you don't drink coffee.) Kimpton guests are weeping.

8) It's confirmed: Baidu is backing Uber. Uber CEO Travis Kalanick was in Beijing to announce the $600 million news and woo the Chinese market – minus Zuck's mandarin.

Every morning, we share the top headlines professionals need to know about right now. Share with your network, read and discuss — and let us know what we missed in the comments below.