Heat 1 tbsp olive oil in a deep sided skillet or Dutch oven over medium high heat for 1-2 minutes.
Pat 1 lb stewing beef dry with a paper towel and season with kosher salt and freshly ground black pepper.
Add the beef to the hot oil in a single layer. Do not crowd and make in multiple batches if you need to. Sear all sides of beef until nicely browned. Remove to a plate when all beef has been seared.
Add a bit more oil if the pan looks dry, then add 1/2 medium yellow onion, peeled and chopped and 1 medium carrot, peeled and chopped. Sauté until the onions are softened, about 3-4 minutes. Add 1/4 tsp Asian chili sauce (hot) and 4 cloves garlic, smashed and stir to combine. Cook until the garlic becomes fragrant, about 1 minute. Stir in 2 tbsp tomato paste and cook for another half minute.
Add 1/2 cup red wine and stir, scraping up any brown bits from the bottom of the pan. Cook until reduced by about half, 3-4 minutes. Add 1 28 oz canned tomatoes, 1 cup beef broth, 1 tbsp butter, 1/2 tsp dried rosemary, 1/2 tsp thyme, 1/2 tsp dried oregano and 1 whole bay leaf. Stir to combine and taste for seasoning.
Return the reserved beef, stir to combine and then bring to a boil. Reduce heat to medium low, cover with a lid and cook covered for 2 1/2 to 3 hours. Check periodically to see of the beef is becomming tender.