thank you for your bug report, what timezone is set in /etc/timezone?
could you try using the hardy update new version?
** Changed in: gnome-panel (Ubuntu)
Importance: Undecided => Low
Assignee: (unassigned) => Ubuntu Desktop Bugs (desktop-bugs)
Status: New => Incomplete
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Clock applet consistently displays different timezone after reboot
https://bugs.launchpad.net/bugs/226216
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