Here's the GA help link that answers the time zone question:
http://www.google.com/support/analytics/bin/answer.py?answer=555121- Time zone is set by default on Pacific time.
2- If your account is not linked to an Adwords campaign, you can change your time zone, on your analytics settings tab, click edit on the profile that is assigned to your store, and when you see the table that shows the time (by default is Pacific time), click edit (on the gray bar, I barely could see it) -- then choose your country, and then the time zone.
3- if you DO have an Adwords campaign assigned to this profile, then you got to change your time zone in your Adwords settings page, not here.