Cut the beef into 1-inch (2.5 cm) cubes. Heat the olive oil in an ovenproof saucepan over medium-high heat. Brown the beef on all sides for 8-10 minutes, working in batches if needed. Remove the beef and set aside.
Add the diced ham, pearl onions, and carrots to the saucepan over medium-high heat. Fry for 5 minutes, stirring occasionally.
Stir in the tomato paste and cook for 1 minute. Pour in the red wine and beef broth. Add the bouquet of herbs, thyme, salt, and pepper. Bring to a boil over high heat.
Return the beef to the saucepan, cover, and place in a preheated oven at 150°C (302°F). Braise for 1 hour 30 minutes.
Remove from the oven and stir in the diced tomatoes and black olives. Cover and return to the oven. Braise for 1 hour.
Mix the butter and flour together to form a paste. Remove the saucepan from the oven and stir the butter-flour mixture into the stew. Simmer over medium-low heat for 2-3 minutes, stirring constantly, until the sauce thickens.