Heat the olive oil in a large skillet over medium heat. Add the onions and season with salt and pepper. Cook until they are translucent.
Add the ground beef and cook through until there is no more pink. Use a wooden spoon to break up the beef while cooking. Drain the excess grease.
Stir in the garlic and bay leaves. Cook for about 2 more minutes to cook the garlic.
Next, stir in the tomato paste and cook for 3-4 minutes, stirring often. Season with a pinch of salt. Cooking tomato paste will make it taste sweeter.
Add the red wine vinegar, cumin, and chili powder and stir in. Add in the diced tomatoes and warm through, about 2-3 minutes.
Stir in the olives and raisins and heat them up, about 2 minutes.
Serve with black beans and rice. You can either remove the bay leaves prior to serving, or just be watchful and remove them as you serve the individual portions.