Comment 8 for bug 1005575

I can confirm this as well, and strangely mine stops at 8 minutes after the hour also and has the same behaviour of updating only the hour after the minutes freeze. I'm running Mint 15 Cinnamon (64) bit.

The format strings I'm using are:
panel: %b %e %l:%m %p
applet:%b %e %l:%m %p