You are able add text to rectangular objects. To add text to your label, create an object first.
To activate the text entry mode, click on the object with the Text Tool selected,

and the text insertion bar will appear. You can add text either

1. manually from the keyboard,
2. by pasting it from the other application,
3. by opening a text file,
4. by making it a file data object.

To add colors and fonts to your text, select a text range with the Text Tool, click on the Color or Font tools in the tools area and make your settings.

You can add text colors and styles to the text in oval objects also.