You are telling Powershell to run an EXE named
&"$mysqlpath\mysqldump.exe -u$mysqluser -p$mysqlpass --databases global | Out-File $env:TEMP\database_backup\global_$timestamp.sql -Encoding UTF8"
So remove the quotes ("
) and try again. Like so,
& $mysqlpath\mysqldump.exe -u$mysqluser -p$mysqlpass --databases global | Out-File $env:TEMP\database_backup\global_$timestamp.sql -Encoding UTF8