Hia,
I'm assuming you are in ppt '07 - you need to select the text, then click
the 'format' tab on the ribbon - in the 'wordart styles' group click 'text
effects' - the last row of the drop down menu is 'transform' this gives you
all the different text wrapping features - you can follow the path for semi
circles/ full circles + lots of other warping features.