Preheat oven to 375°F. Lightly butter and flour the bottom and sides of a 9-inch springform pan.
Make the apple topping: In a large skillet, cook the butter, sugar, and apples for 5 minutes on medium-low heat. Add wine and cook for 1 minute more. Set aside the apple mixture to cool.
Make the cake: In a medium bowl, sift the flour, baking powder, and salt together.
In a medium bowl, beat the milk, butter, and olive oil together.
In the bowl of a standing mixer fitted with a wire whip attachment, add 3 egg yolks, 2 whole eggs, and the sugar. Process on high for 3 minutes until thick and pale yellow.
Fold half of the flour mixture into the egg mixture until almost absorbed completely, then fold in half of the milk mixture. Repeat this step.
Pour the batter into the prepared pan and top with the apple mixture, distributing the apples evenly. Bake for 55 minutes.
Let the cake cool on a wire rack for 10 minutes, then release and remove the outer ring of the pan. Cool completely, dust with powdered sugar, and serve.
Store in a sealed container in the refrigerator for up to 3 days.
Note: For a simple cake without the topping, butter, and flour an 8-inch cake pan. Transfer the batter to the pan and bake for 40 minutes until a toothpick inserted in the center comes out clean. The top will brown. Place the cake pan on a cooling rack to cook for 15 minutes, then invert the cake on a dish, let cool completely, and dust the top lightly with powdered sugar.