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Season the beef cubes generously with salt and pepper.
In a large pot or Dutch oven, heat the olive oil over medium-high heat. Add the beef cubes in batches, browning them on all sides. Remove the beef from the pot and set aside.
In the same pot, add the chopped onion and garlic. Sauté until the onion becomes translucent, about 5 minutes.
Add the carrots, cooking for another 3 minutes, then add the zucchini, cherry tomatoes, red bell pepper, and yellow bell pepper.
Return the beef to the pot. Pour in the beef broth and red wine. Stir in the tomato paste, thyme, basil, and bay leaves.
Bring the mixture to a boil, then reduce the heat to low. Cover and let simmer for about 1.5 to 2 hours, or until the beef is tender and the vegetables are cooked through.
For a thicker stew, gradually stir in the cornstarch mixture, allowing the stew to thicken. Continue cooking for an additional 10 minutes.
Remove the bay leaves before serving. Garnish with fresh basil or parsley.