We consider here one-parameter semigroups T=(T(t))t>0 of bounded operators on a Banach space X which are weakly continuous in the sense of Arveson. For such a semigroup T denote by MωT the convolution algebra consisting in those measures μ on (0,+∞) such that ∫0+∞∥T(t)∥d∣μ∣(t)<+∞. The Pettis integral ∫0+∞T(t)dμ(t) defines for μ∈MωT a bounded operator ϕT(μ) on X. Identifying the space LωT1 of (classes of) measurable functions f satisfying ∫0+∞∣f(t)∥T(t)∥dt<+∞ to a closed subspace MωT in the usual way, we define the Arveson ideal IT of the semigroup to be the closure in B(X) of ϕT(LωT1). Using a variant of a procedure introduced a long time ago by the author we introduce a dense ideal UT of IT, which is a Banach algebra with respect to a suitable norm ∥.∥UT, such that limsupt→0+∥T(t)∥B(UT)<+∞. The normalized Arveson ideal JT is the closure of IT in B(UT). The Banach algebra JT has a sequential approximate identity and is isometrically isomorphic to a closed ideal of its multiplier algebra M(JT). The Banach algebras UT,IT and JT are "similar", and the map Su/v→Sau/av defines when a generates a dense principal ideal of UT a pseudo bounded isomorphism from the algebre QM(JT) of quasimultipliers on JT onto the quasimultipliers algebras QM(UT) and QM(IT). We define the generator AT of the semigroup T to be a quasimultiplier on IT, or ,equivalently, on JT. Every character χ on IT has an extension χ~ to QM(IT). Let Resar(AT) be the complement of the set {χ~(AT)}χ∈IT. The quasimultiplier A−μI has an inverse belonging to JT for μ∈Resar(AT), which allows to consider this inverse as a "regular" quasimultiplier on the Arveson ideal IT. The usual resolvent formula holds in this context for Re(μ)>limt→+∞tlog∥T(t)∥. Set Πα+:={z∈C∣Re(z)>α}. We revisit the functional calculus associated to the generator AT by defining F(−AT)∈JT by a Cauchy integral when F belongs to the Hardy space H1(Πα+) for some α<−limt→+∞tlog∥T(t)∣. We then define F(−AT) as a quasimultiplier on JT and IT when F belongs to the Smirnov class on Πα+, and F(−AT) is a regular quasimultiplier on JT and IT if F is bounded on Πα+. If F(z)=e−zt for some t>0, then F(−AT)=T(t), and if F(z)=−z, we indeed have F(−AT)=AT.