This is taken from a comment over at r/worldnews, I hope I can update this thread along with the other, this is not my work however.

Updates: AirAsia has announced a press conference shortly, says there were 155 on board. It was travelling through an area of bad weather at the time. UPDATE 2: Reuters reporting the plane had asked for an unusual route before contact was lost. UPDATE 3: Contact was lost 3 1/2 hours ago (at 0617 local/2317GMT/1817 EST) UPDATE 4: Emergency Call Centre established for family or friends of those on board aircraft. number is +622129850801. UPDATE 5: AirAsia releases statement - nothing much of substance other than confirming they lost contact with the plane. "We have not further information of the status". Link to statement UPDATE 6: For plane people, it was built in 2008 and is owned by Doric UPDATE 7: @AirAsia has changed Twitter picture to gray instead of normal colours. Not really any great update, but it's happened. So I'm letting you know :) UPDATE 8 (1225 MT/ 2325 EST): Here are visualisations of the weather in the area: https://twitter.com/mattdanielwx/status/54905561544005888 // https://twitter.com/AdilNajam/status/549058323740626944 UPDATE 9 (1230 MT / 2330 EST): Here is another media release. Singaporean Navy and Air Force have been activated and offered help to Indonesia. Lost contact with Indonesian authority at 0724, Singapore was notified at 0754. Waiting area for friends and family established at Changi Airport. UPDATE 10 (1231 MT / 2331 EST): Passenger breakdown: 1 Malaysian, 1 British, 1 Singaporean, 3 South Korean, 148 Indonesian. 138 Adults, 16 children, 1 infant (Korean). Captain Iriyanto was the pilot, and the FO was Remi Emmanuel Plesel. Please remember this is the nationality of the passport they were travelling on, and does not necessarily reflect their citizenship or ethnicity. UPDATE 11 (1238 MT / 2338 EST): Plane is believed to have been over the Java Sea between Kalimantan and Java islands when contact was lost. Was at 32,000 feet at the time. Contact was lost 42 minutes after takeoff. UPDATE 12 (1257 MT/ 2357 EST): Search and rescue operations underway at last known position. Contact was lost with ADS-B signal. UPDATE 13 (1300 MT / 0000 EST): FWIW Barack Obama has been briefed. UPDATE 14 (1308 MT / 0008 EST): Air Asia CEO Tony Fernandes says there will be another statement released shortly. There are rumours of a crash, but unconfirmed at this stage. UPDATE 15 (1312 MT / 00012 EST): press conference has been held. /u/Glockwise translated: The only important information so far was Indonesia already mobilized BASARNAS (Badan SAR National / National Search and Rescue Agency) for search. UPDATE 16 (1335 / 0035): new statement - https://www.facebook.com/notes/airasia/updated-statement-qz8501/10152667884908742 The captain in command had a total of 6,100 flying hours and the first officer a total of 2,275 flying hours The aircraft had undergone its last scheduled maintenance on 16 November 2014. UPDATE 17 (1342 / 0042): Indonesia's air transport director Joko Muryo Atmodjo said the plane was at 32,000 feet, and asked to fly at 38,000 feet to avoid clouds before contact was lost. non-update edit: have received some PMs asking about my veracity/where I'm getting info from - I'm a journalist currently kicking around at home. I'm busy atm but for quick proof - my twitter account is the same name as Reddit, or /u/mrgandw who helped run the MH370 updates has independently verified me here. Thanks, normal transmission resuming now.