This is what's in the news for Monday, May 14, 2012. The Wall Street Journal reports GM's (NYSE:GM) plan to return its troubled European unit to profitability is taking shape as the company heads into its first major showdown with the region's powerful labor unions amid the latest restructuring. The Wall Street Journal also reports Chesapeake Energy Corp. (NYSE:CHK) expects activist investor Carl Icahn to disclose soon that he has taken a significant stake in the troubled natural gas company. Reuters reports Spain's second-largest bank BBVA (BBVA) said today that it would set aside provisions worth about $2.3B to meet new capital requirements demanded by a sector reform. Reuters also reports Facebook (FB) CEO Zuckerberg laid out its growth strategy to investors on Friday, saying that transforming its mobile and advertising experience are top priorities this year. Finally, Bloomberg reports JP Morgan Chase's (NYSE:JPM) chief investment staff in London is at risk of dismissal as a $2B trading loss prompts the first executive departures as soon as this week.