Nope. That all looks perfectly fine and leak-free.
(The only thing I'd say is that in the app delegate's dealloc you should call [timer invalidate] rather than [timer release]. The timer you've created is autoreleased and only retained by its run-loop, rather than by you. If you did this anywhere else it would be a problem, but since it's in the app delegate dealloc which is only called as the app is exiting it really isn't a problem.)
Maybe you could post the rest of the -updateL method.
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