Also just confirmed on Sky News at 00.26 today (Saturday 8th March)
Looks like the plane has already been missing for five to six hours but that details have only just been released to the press by the airline and/or local authorities
Sadly doesn't look at all hopeful.
This is potentially only the second hull loss of a 777 involving fatalities in flight despite more than 1,000 being in service and also potentially the first one ever involving the loss of all passengers and crew on board. Until the crash landing of Asiana Airlines Flight 214 at San Francisco International Airport on 6th July 2013 (resulting in the death of three passengers and the injury of most passengers on board, twelve with critical injuries) there had been no fatalities involving the hull loss of a Boeing 777. There were no fatalities but a significant number of injuries (none life threatening but one serious) when BA's 777-200ER (G-YMMM - serial number 30314) landed 270 metres (890 feet) short of runway 27L at London Heathrow on 17th January 2008.
Saturday, March 08, 07:30 AM MYT +0800 Media Statement - MH370 Incident released at 7.24am
Sepang, 8 March 2014: Malaysia Airlines confirms that flight MH370 has lost contact with Subang Air Traffic Control at 2.40am, today (8 March 2014).
Flight MH370, operated on the B777-200 aircraft, departed Kuala Lumpur at 12.41am on 8 March 2014. MH370 was expected to land in Beijing at 6.30am the same day. The flight was carrying a total number of 227 passengers (including 2 infants), 12 crew members.
Malaysia Airlines is currently working with the authorities who have activated their Search and Rescue team to locate the aircraft.
The airline will provide regular updates on the situation. Meanwhile, the public may contact +603 7884 1234 for further info.
Just an update according to FR24, the flight was detected as landed 39 mins after it departed Kuala Lumpur, a flight tracker image released shows the last traceable information was within that time frame, it looks to me like two things;
Either complete radio failure OR The aircraft has gone down within Malaysia
However the first theorem is compounded by the fact the aircraft is missing past its arrival time in Beijing by nearly 2hrs 40mins well outside required reserves.
China Authorities have confirmed the flight never entered Chinese Airspace, and FlightAware have said the last recorded information shows the aircraft at 35,000 ft and 468kts - Information for MH370 was lost 20mins after departure
Flight Aware often does not have complete data. Airline statement says they departed at 12:41am and lost contact about two hours later at 2:40am. Looking at the Flight Aware estimated positions (at 1:42 since that data set has departure at 11:43am), they would have been flying above the mountains/jungles of south central Laos about that time, around 200Km due west of Da Nang, Vietnam. Not good news at all.