Preheat the oven to 180°C (350°F).
Heat olive oil in a large cast-iron pot over medium heat. Season the beef cubes with salt and pepper and brown them in batches for about 8 minutes.
Remove the browned beef and set aside. In the same pot, sauté the onion for 5 minutes, then add the garlic and cook for 1 more minute.
Stir in the tomato paste and cook for 2 minutes. Pour in the red wine, scrape up any browned bits from the bottom, and simmer for 1 to 2 minutes.
Return the beef to the pot along with the dried rosemary, thyme, bay leaf, and 500ml of the beef broth. Transfer the covered pot to the oven and bake for 1 hour.
Remove from the oven and add the chopped carrots and potatoes. Add some reserved broth if the mixture looks too dry. Return to the oven and bake for another 1.5 hours.
Remove the pot from the oven, stir in the frozen peas, and return to the oven for a few minutes until the peas are heated through.
Serve the stew garnished with cream cheese and fresh parsley.
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