In a large pot, heat enough olive oil to brown the beef. Brown the beef on all sides (in batches if the pot isn't big enough), then add shallot and garlic and continue browning until shallots are translucent.
Add sugar, cinnamon and allspice, stir and mix well, then add chopped tomatoes. Fry until tomato pieces fall apart and become brownish. Add about 1/4 teaspoon salt.
Deglaze with balsamic vinegar and red wine, reduce until nearly evaporated, then add canned tomatoes and broth, reduce liquid some more, then lower heat, season with pepper, cover pot and simmer on low heat for about 1 hour.
Add raisins and olives, simmer another 30-45 minutes or until meat is tender.