How do Russians translate "breaking news" caption on TV?
There is no expression with direct translation of "break" in sense of "make known suddenly".
Usually it's translated as экстренные новости, экстренное сообщение, срочное сообщение or срочные новости.
The title of the Hong Kong movie was translated as Горячие новости (literally "hot news").
Сообщение ИТАР ТАСС с пометкой "Молния!"
Let me give some context:
You see, ИТАР ТАСС is one of Russian news agencies and сообщение с пометкой "Молния!" is a special kind of message that has to be delivered immediately. Its name comes from marks on urgent telegrams which were the closest approximation of old technologies to real-time communication. Since then, when "hot" news about an event is delivered to the TV studio during live broadcasting, the reporter may precede this message with words like К нам поступило сообщение с пометкой "молния".
So, it's not strictly speaking a translation of "Breaking news", but it is still quite common on the TV.