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Sprinkle ribs with salt and pepper. Select saute setting on a 6-qt. electric pressure cooker and adjust for medium heat. Add oil. Working in batches, brown ribs on all sides; transfer to a plate and keep warm., Add onions to cooker; cook and stir until tender, 8-9 minutes. Add garlic and tomato paste; cook and stir 1 minute more. Stir in beef broth, wine, thyme and bay leaf. Bring to a boil; cook 8-10 minutes or until liquid is reduced by half. Add ribs back to cooker, partially but not fully submerging them. Lock lid; close the pressure-release valve. Adjust to pressure-cook on high for 40 minutes. Quick-release pressure. Add carrots; bring back to full pressure and cook 7 minutes. Quick-release pressure. Press cancel., Remove ribs and vegetables; keep warm. Skim fat from cooking liquid. Discard thyme and bay leaf. Select saute setting and adjust for medium heat; bring cooking juices to a boil. In a small bowl, mix cornstarch and water until smooth; stir into juices. Return to a boil; cook and stir until thickened, 1-2 minutes. Serve with ribs and vegetables.