To change or set your Windows Live Hotmail (i.e. IWU e-mail) time zone please see the following steps
1. Once logged into the e-mail, select the 'Option' icon near the top-right of the page.
2. Select the 'Region and time zone' entry on the options menu.
3. Change the needed options on the page paying particular attention to the 'Current time zone' setting to be sure that the current time zone for your area is selected.
4. Select the 'Save' button near the bottom of the page to lock in the changes.